Aspen Corporate Pty Ltd
What changed on 1 July 2023
Aspen Corp • 4 July 2023

Employers & business

  • Superannuation guarantee increases to 11% from 10.5%
  • National and Award minimum wage increases take effect.
  • The minimum salary that must be paid to a sponsored employee - the Temporary Skilled Migration Income Threshold - increased to $70,000 from $53,900.
  • Work restrictions for student visa holders reintroduced to 48 hours per fortnight.
  • The cap on claims via the small claims court procedures for workers to recover unpaid work entitlements increases from $20,000 to $100,000.
  • Energy Bill Relief Fund for small business kicks in – it will apply to your energy bills if you meet the criteria.
  • Sharing economy reporting to the ATO commences for electronic distribution platforms.


Superannuation

  • Superannuation guarantee increases to 11%
  • Indexation increases the general transfer balance cap to $1.9 million.
  • Minimum pension amounts for super income streams return to default rates.
  • SMSF transfer balance event reporting moves from annual to quarterly for all funds.


For you and your family

  • The new 67 cent fixed rate method for working from home deductions – make sure you have a record of when you work from home. The ATO won’t accept a simple “I work from home every Wednesday” x 8 hours calculation.
  • Access to the first home loan guarantee expands to “friends, siblings, and other family members.”
  • The Medicare low income threshold has increased for 2022-23.
  • The child care subsidy will increase from 10 July 2023 for families with household income under $530,000. See the Services Australia website for details.
  • New parents able to claim up to 20 weeks paid parental leave.
  • Access to the age pension increased to 67 years of age.                   


by Aspen Corp 26 March 2025
Aspen Corp's 2025-26 Federal Budget Update
Australian girl holding a flag
by Aspen Corp 19 March 2025
Global Google searches for the word “tariffs” spiked dramatically between 30 January and 2 February 2025, a +900% increase to the previous 12 months. We look at what tariffs really mean.
by Domenic Tartaglia 19 March 2025
The Australian Taxation Office (ATO) continues it's focus on proper record-keeping practices for Next 5,000 privately owned and wealthy groups, emphasizing the need for transparency and accuracy in tax reporting.
by Aspen Corp 11 March 2025
The Fringe Benefits Tax (FBT) year ends on 31 March. We’ve outlined the hot spots for employers and employees.
Australian suburban property
by Aspen Corp 11 March 2025
The Government has announced a ban on foreign property purchases until 31 March 2027 to curb foreign “land banking.”
Credit Cards
by Aspen Corp 13 February 2025
If credit card surcharges are banned in other countries, why not Australia? We look at the surcharge debate and the payment system complexity that has brought us to this point.
More posts
Share by: