A number of income tax and superannuation changes relevant to businesses took effect from 1 July 2022, including:
– temporary full expensing (allows an immediate deduction for the cost of a depreciating asset) was extended by 12 months to 30 June 2023;
– the loss carry back (allows companies to carry tax losses back as far as the 2018–19 income year) was extended by 12 months to 30 June 2023;
– the cessation of employment as a taxing point for ESS interests that are subject to deferred taxation was removed
– the superannuation guarantee rate increased from 10% to 10.5%;
– the $450 monthly salary and wages threshold for superannuation guarantee purposes was abolished.
Read our complete September 2022 TaxWise Business Newsletter here.