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Six Significant Changes Small Business Owners will face from 1 July 2023

The Australian Small Business and Family Ombudsman, Bruce Billington, has reported six (6) important changes owners and managers of small entities need to be across by 1st July 2023.

“It is essential that small-business owners and managers understand these changes. They should check their payroll and accounting systems have been updated and they should talk to trusted advisers like accountants and bookkeepers. It is important to get this right... there are significant changes that cannot be put aside” - Bruce Billson, Australian Small Business and Family Ombudsman.

Some of the changes 1 July 2023 will bring small businesses include:

Instant Asset Write-offs | Energy IncentivesSuper Guaratyee changes | New Minimum Award Wages | Single Touch Payroll | Paid Parental Leave 

1.  Instant asset write-off

  • From 1 July the instant asset write-off threshold for eligible small businesses would be $20,000 on a per-asset basis for 12 months.
  • From 1 July assets valued at more than $20,000 that could not be immediately deducted, could be placed into the small-business simplified depreciation pool and depreciated at 15 per cent in the first income year and 30 per cent each following year.

2.  Small-business energy incentive

A tax incentive worth up to $20,000 would be available for small businesses next financial year to provide an additional 20 per cent depreciation for eligible assets that support electrification and the more efficient use of energy by small businesses.

  • The scheme would provide businesses with an annual turnover of less than $50 million incentive to save on energy bills by making investments such as electrifying their heating and cooling systems, upgrading to more efficient fridges, or even induction cooktops.

While the scheme was still pending passing through Parliament, eligible assets or upgrades would need to be first used or installed ready for use between 1 July 2023 and 30 June 2024.

3.  Super guarantee

From 1 July the super guarantee rate would increase from 10.5 per cent to 11 per cent for all employees eligible to receive superannuation.
Small-business owners will need to use the new rate to calculate super on payment made to employers on or after 1 July, even if some or all of the pay period was for work done before 1 July.

4.  National minimum wage and award rate

From the first full pay period on or after 1 July, the national minimum wage will increase to $23.23 per hour and award rates of pay would be increased by 5.75 per cent.

5.  Single touch payroll

Small businesses are alerted to the requirement to have finalised their employees' single touch payroll data by 14 July.

  • The ATO reports employers are required to report pay-as-you-go withholding information every time they pay employees through single touch payroll with the amounts reported to be used as pre-fill information in activity statements from 1 July.

6.  Paid parental leave scheme

For employees whose baby was born or placed in their care on or after 1 July, the scheme would change with the 18 weeks of paid parental leave entitlement combined with the dad and partner entitlement of two weeks’ pay.

  • The change would mean partnered couples will be able to claim up to 20 weeks of paid parental leave between them, while parents who were single at the time of their claim could access the full 20 weeks.

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