--- title: "ISSUE #192 - What changed on 1 July 2023?" description: a piece on how a company's money should be treated by owners image: https://content.koustas.com.au/hubfs/5.0bc45d.jpg --- [![Koustas](https://content.koustas.com.au/hubfs/Koustas_April2018/image/logo.svg)](https://koustas.com.au/) - [+613 8530 1600](tel:+613%208530%201600) - - - - - [Home](https://koustas.com.au/) - [About Us](https://koustas.com.au/about-us/our-mission-purpose-values.html) - [Our Mission, Purpose & Values](https://koustas.com.au/about-us/our-mission-purpose-values.html) - [Service Standards](https://koustas.com.au/about-us/service-standards.html) - [Careers](https://koustas.com.au/about-us/careers.html) - [Case Studies and Testimonials](https://koustas.com.au/about-us/case-studies.html) - [Awards](https://koustas.com.au/about-us/awards.html) - [Our Services](https://koustas.com.au/our-services.html) - [Accountants for Business](https://koustas.com.au/our-services/accounting-for-business.html) - [Accountants for high net worth Individuals](https://koustas.com.au/our-services/accountants-for-high-net-worth-individuals.html) - [Accountants for SMSF](https://koustas.com.au/our-services/accountants-for-smsf.html) - [Industries](https://koustas.com.au/our-services/accounting-for-business.html) - [Construction & Engineering](http://koustas.com.au/our-services/accounting-for-business/details/1/accountants-for-the-construction-engineering-industries.html) - [Retail & Wholesale](http://koustas.com.au/our-services/accounting-for-business/details/3/accountants-for-the-retail-wholesale-industry.html) - [International Business](http://koustas.com.au/our-services/accounting-for-business/details/4/accountants-for-international-business.html) - [Manufacturing](http://koustas.com.au/our-services/accounting-for-business/details/5/accountants-for-the-manufacturing-industry.html) - [Professional Services](http://koustas.com.au/our-services/accounting-for-business/details/6/accountants-for-the-professional-services-industry.html) - [Marketing & Creative](http://koustas.com.au/our-services/accounting-for-business/details/7/accountants-for-the-marketing-multimedia-online-creative-industries.html) - [Our People](https://koustas.com.au/our-people.html) - [Client Resources](https://content.koustas.com.au/blog) - [The Koustas Oracle](https://content.koustas.com.au/blog) - [Client Portal Login](https://koustas.com.au/client-resources/client-portal-login.html) - [Trust Assessments](https://koustas.com.au/client-resources/trust-assessments.html) - [Contact](https://koustas.com.au/contact.html) - [Home](https://koustas.com.au/) - [About Us](https://koustas.com.au/about-us/our-mission-purpose-values.html) - [Our Mission, Purpose & Values](https://koustas.com.au/about-us/our-mission-purpose-values.html) - [Service Standards](https://koustas.com.au/about-us/service-standards.html) - [Careers](https://koustas.com.au/about-us/careers.html) - [Case Studies and Testimonials](https://koustas.com.au/about-us/case-studies.html) - [Awards](https://koustas.com.au/about-us/awards.html) - [Our Services](https://koustas.com.au/our-services.html) - [Accountants for Business](https://koustas.com.au/our-services/accounting-for-business.html) - [Accountants for high net worth Individuals](https://koustas.com.au/our-services/accountants-for-high-net-worth-individuals.html) - [Accountants for SMSF](https://koustas.com.au/our-services/accountants-for-smsf.html) - [Industries](https://koustas.com.au/our-services/accounting-for-business.html) - [Construction & Engineering](http://koustas.com.au/our-services/accounting-for-business/details/1/accountants-for-the-construction-engineering-industries.html) - [Retail & Wholesale](http://koustas.com.au/our-services/accounting-for-business/details/3/accountants-for-the-retail-wholesale-industry.html) - [International Business](http://koustas.com.au/our-services/accounting-for-business/details/4/accountants-for-international-business.html) - [Manufacturing](http://koustas.com.au/our-services/accounting-for-business/details/5/accountants-for-the-manufacturing-industry.html) - [Professional Services](http://koustas.com.au/our-services/accounting-for-business/details/6/accountants-for-the-professional-services-industry.html) - [Marketing & Creative](http://koustas.com.au/our-services/accounting-for-business/details/7/accountants-for-the-marketing-multimedia-online-creative-industries.html) - [Our People](https://koustas.com.au/our-people.html) - [Client Resources](https://content.koustas.com.au/blog) - [The Koustas Oracle](https://content.koustas.com.au/blog) - [Client Portal Login](https://koustas.com.au/client-resources/client-portal-login.html) - [Trust Assessments](https://koustas.com.au/client-resources/trust-assessments.html) - [Contact](https://koustas.com.au/contact.html) - [Client Resources](https://content.koustas.com.au/blog) - The Koustas ORAcle # ISSUE #192 - What changed on 1 July 2023? ![18.c0956a](https://content.koustas.com.au/hs-fs/hubfs/18.c0956a.jpg?width=960&height=420&name=18.c0956a.jpg) 5 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](https://minister.homeaffairs.gov.au/ClareONeil/Pages/temporary-skilled-migration-income-threshold-raised.aspx) - increased to $70,000 from $53,900. - Work restrictions for [student visa holders](https://immi.homeaffairs.gov.au/visas/getting-a-visa/visa-listing/student-500/temporary-relaxation-of-working-hours-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 Fu](https://www.energy.gov.au/government-priorities/energy-programs/energy-bill-relief-fund/energy-bill-relief-fund-small-businesses)nd 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](https://www.nhfic.gov.au/) 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](https://www.servicesaustralia.gov.au/changes-if-you-get-family-payments?context=41186) website for details. - New parents able to claim up to 20 weeks paid parental leave. - Access the [age pension increased to 67 years](https://www.servicesaustralia.gov.au/age-pension-age-changing-1-july-2023#:~:text=The%20eligibility%20age%20for%20Age,be%20eligible%20for%20Age%20Pension.) of age. 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