---
title: What changed on 1 July?
description: A checklist of changes to superannuation and taxation came into effect on July 1st that every business and individual needs to be aware of.
---

[WLM Blog](https://insights.wlm.com.au/blog)

# [What changed on 1 July?](https://insights.wlm.com.au/blog/what-changed-on-1-july)

 Written by [Amanda Rogers](https://insights.wlm.com.au/blog/author/amanda-rogers) | Jul 28, 2022 1:01:26 AM

### A reminder of what changed on 1 July 2022

Several changes to superannuation and taxation came into effect on 1 July. There are implications that every business and individual needs to be aware of. Here's a neat checklist to keep you informed.

### Business

- Superannuation guarantee increased to 10.5%
- $450 super guarantee threshold removed for employees aged 18 and over
- Small business GST and PAYG tax instalments lowered (the total tax liability remains the same, just the amount the business needs to pay through the year is lowered)
- ATO guidance on how profits of professional firms are structured comes into effect introducing new risk criteria
- New guidance on unpaid trust distributions to corporate beneficiaries comes into effect that may treat some unpaid distributions as loans and trigger tax consequences.

### Individuals

- Superannuation guarantee increased to 10.5%
- Work test repealed for those under 75 to make or receive non-concessional or salary sacrifice super contributions (the work test still applies to personal deductible contributions)
- Age for downsizer super contributions reduced to 60 years and older
- Value of voluntary super contributions that can be withdrawn under the First Home Saver Scheme increased to a total of $50,000
- New ATO guidelines on trust distributions come into effect, primarily impacting distributions to adult children
- Home loan guarantee scheme extended to 35,000 places per year for first home buyers and 5,000 places per year for single parents
- Australia’s minimum wage increased

### WLM can help

[If you'd like help](https://www.wlm.com.au/) with understanding your obligations or any further information, [please contact us today.](https://www.wlm.com.au/contact/)

 

[View full post](https://insights.wlm.com.au/blog/what-changed-on-1-july)

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