Jun 2021 1 Minute
Changes from July 1
June 30 will be upon us before we know it and that will bring some changes for business and superannuation. These changes will take effect from July 1.
Changes for Business:
- Company tax rate will reduce to 25% for base rate entities
- Losses incurred in a company between 2021 to 2023 income years can be carried back to offset profits from the 2019 year
- Employers must report any closely held (those wages paid to family members) payees through STP
- Businesses with a turnover of less than $5 billion can immediately deduct the cost of business assets to 30 June 2023
- Superannuation Guarantee rate will increase to 10%
Changes for Superannuation Funds:
- Transfer balance cap increases to $1.7 million
- Concessional contribution cap will increase to $27,500
- Non-concessional contribution cap will increase to $110,000
These changes may affect your business, so if you have any questions please contact us and speak to your accountant.