The May 21 Show’s over and there’s a new act in town, for better or worse.
Some of the tax proposals by the LNP may not be going ahead, so it’s a matter of waiting to see what actually goes through. Apparently there is going to be a Budget Update in October, but that’s quite a way into the future.
The super guarantee rate is still going to rise to 10.5% from 1 July 2022, which will require checking your payroll software so it complies with the change, and note also that there is no minimum $450 wages in a month from 1 July 2022. So, two changes from 1 July 2022 which will increase wages & remuneration for businesses.
For people wanting to contribute up to the annual concessional cap for next year, the annual limit is still $27,500 according to the ATO website, despite the SGC rate going up 0.5%, which doesn’t seem logical from a tax and savings perspective, but there you go. For further information, consult your financial advisor, or your super fund.
