Super or superannuation guarantee contributions as its formally known as is going to increase to 10.5% from 1 July 2022. The rate was at 9.5% for 7 years to June 2021 and then 0.5% increase annually has been set till it reaches 12% on 1 July 2025.The increaments might seem minor (“just” 0.5% per year) but can make a substancial accumulative effect over long term for both employees and employers. Another change coming up from 1 July 2022 is the removal of the $450 superannuation guarantee threshold. Under current legislation a business doesnt have to pay an employee’s superannuation until the employee breaches the $450 earning threshold in a month.…

Heard about the Small Business Technology Investment Boost and Small Business Skills and Training Boost that would allow your business a 120% deduction for amount spent on training and technology costs? It made for a good headline and it is also true. It was announced as a small business support in March 2022 as part of the 2022-23 federal budget. It is just that till now, an announcement and not yet law and the deicision on weather it becomes law or not would be made by the government. So dont go rushing out spending expecting massive tax benefits because even if passed you get the usual benefits in the 2022…