Kross Accountants

29/06/2022

📣The low and middle income tax offset has been increased by $420.

Remember, the offset isn’t a cash bonus, it reduces the amount of tax you need to pay. You don’t need to worry about claiming it! If you’re eligible, we’ll apply the offset automatically when you lodge.

To find out more, visit www.ato.gov.au/Individuals/Income-and-deductions/Offsets-and-rebates/Low-and-middle-income-earner-tax-offsets/

28/06/2022

28/06/2022

From 1 July 2022, employees can be eligible for super guarantee (SG), regardless of how much they earn. This is because the $450 per month eligibility threshold for when SG is paid is being removed.

You only need to pay super for workers under 18 when they work more than 30 hours in a week.

The super guarantee (SG) rate will also increase from 10% to 10.5% on 1 July 2022. You'll need to use the new rate to calculate super on payments you make to employees on or after 1 July, even if some or all of the pay period is for work done before 1 July.

The SG rate is legislated to increase to 12% by 2025.