What Changed On 1 July 2022

A Reminder of what changed on 1 July 2022

Business

  • Superannuation guarantee increased to 10.5%
  • $450 super guarantee threshold removed for employees aged 18 and over
  • Small business GST and PAYG tax instalments lowered (the total tax liability remains the same, just the amount the business needs to pay through the year is lowered)
  • ATO guidance on how profits of professional firms are structured comes into effect introducing new risk criteria
  • New guidance on unpaid trust distributions to corporate beneficiaries comes into effect that may treat some unpaid distributions as loans and trigger tax consequences

Individuals

  • Superannuation guarantee increased to 10.5%
  • Work-test repealed for those under 75 to make or receive non-concessional or salary sacrifice super contributions (the work test still applies to personal deductible contributions)
  • Age for downsizer super contributions reduced to 60 years and older
  • Value of voluntary super contributions that can be withdrawn under the First Home Saver Scheme increased to a total of $50,000
  • New ATO guidelines on trust distributions come into effect primarily impacting distributions to adult children
  • Home loan guarantee scheme extended to 35,000 per year for first home buyers and 5,000 per year for single parents
  • Australia’s minimum wage increased

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Reshika Kumar

Administration Officer

With her kind, caring and approachable nature, Reshika never fails to provide a positive, welcoming experience for our clients, assisting them as they walk in our door or call our office. She understands the power of customer service and is always willing to lend a hand.

With her fun and relaxed personality, Reshika is incredibly creative, especially when it comes to finding solutions for evolving challenges, from financial matters to marketing requirements and beyond. Holding a Masters of Business Administration with a major in Marketing and significant experience in the banking industry, Reshika has a unique combination of skills which makes her a real asset to Fortis.

Reshika is motivated to reach new heights, take risks and develop her career by working alongside Bernadette, our Client Administration Manager, and having the opportunity to learn new things such as new platforms and procedures.

Reshika is passionate about fitness and does not miss an opportunity to take advantage of the gym. Despite Reshika’s relaxed personality it all goes out the door when card or board games are involved!