The new financial year has arrived. Let’s take a quick look at some of the important dates and updates from 1 July 2022.
1 July 2022
Changes to Superannuation
The Superannuation Guarantee rate is increasing to 10.5%. This rate applies for any payments that fall on or after 1 July, even if it was earnt for work completed before 30 June. From this date, you’re required to pay super on the first dollar earnt by an employee aged 18 or over. This because they have removed the minimum $450 earnings per calendar month eligibility threshold.
You must pay super for employees under 18 years old if they work over 30 hrs per week, regardless of how much they earn.
Also from 1 July, those aged 60 and over will be able to make contributions of up to $300,000 per person or $600,000 per couple into their super account using the “downsizer measure” as long as they meet eligibility requirements.
Cash boost for 1.4 million families
More than 1.4 million Australian families will get a welcome increase to family payments from July 1 in a bid to ease cost of living pressures. Under the change, the Family Tax Benefit (Part A and B) Centrelink payments will rise, with households with a child under the age of 13 getting an increase to the Family Tax Benefit Part A by up to $204.40 over 2022-23.
For those with a child aged 13 and above, the payment will reach a maximum of $255.50, while those who are entitled to Family Tax Benefit Part B will see an increase of up to $164.25 per year for families with a youngest child under five.
Families on Family Tax Benefit Part B with a youngest child aged five to 18 will receive up to $116.80 more per year.
Centrelink shake up
A huge Centrelink overhaul is coming, meaning big changes ahead for those on the JobSeeker program. From July 1, recipients who are required to complete the process of mutual obligations in order to receive welfare payments will be moved onto a points-based activation system (PBAS).
Those impacted will have to receive 100 points and do a minimum of five job searches per month to secure payment. There is a list of more than 30 tasks and activities that each carry their own individual points value, with attending a job interview worth 20 points and a completing a job application worth five. The PBAS will replace the current system where jobseekers are required to apply for 20 jobs every month.
14 July 2022
STP Finalisation
You need to make a finalisation declaration by 14 July each year. If you do not finalise by this date, you should do this as soon as possible to ensure your employees can access their information to complete their income tax return.
For an employer with a mixture of both closely held payees and arms-length employees, the due date for end-of-year STP finalisation for closely held payees is 30 September each year. All other employees are due 14 July each year.
Before making your finalisation declaration, make sure your STP information is correct. If you can’t make a finalisation declaration by the due date, you will need to apply for a deferral.
You can finalise your data earlier if it’s ready. The sooner you finalise your employees’ information, the sooner they will be able to lodge their tax returns.
21 July 2022
Monthly BAS/IAS lodgements are due for the June 2022 period.
28 July 2022
June 2022 quarter superannuation to be paid by this date.
