Do these changes affect you?
Tolls and Registration
In NSW, drivers who spend between $15 – $25 a week on tolls will be eligible for a 50% discount on registration, whilst those that spend over $25 will continue to receive free registration.
Sunday penalty rates cut
Sunday penalty rates for those working in retail, fast food, hospitality and pharmacy have dropped 10-15%.
Selling Pets
From July 1st, any advertisement for a pet must include an identification number. This number can be a microchip number, breeder identification number or rehoming organisation number, and applies to advertisements in print and online.
Family Tax Benefit Changes
The Family Tax Benefit Part A income threshold has increased from $94,316 to $98,988. This means that families earning between $94,316 – $98,988 will now have their FTB reduced by 20c per dollar over $54,677 rather than 30c per dollar, meaning increased payments of up to $1401 per year.
Superannuation changes
Superannuation underwent a massive overhaul with a myriad of changes that came into effect at the start of the financial year. From July 1st:
– Accounts with a low balance (under $6000) will have their fees capped at 3%
– Superfund exit fees will be banned
– Default life insurance payments will automatically be cancelled on accounts that have been inactive for 16 months unless the account holder’s opt-in
– Inactive super accounts will closed and could be transferred to the government operated superfund MyGov
– Account holders can increase their concessional contribution cap by carrying forward their unused cap space amounts, but only if they have a balance of less than $500,000
– Retires between 64-74 years can make voluntary contributions for the first year they no longer meet work test requirements if their balance is under $300,000
– The ATO introduced a new Single Touch Payment system that will allow the ATO to keep track of any super owed to employees
Increased Work Bonus
The Work Bonus is a payment made to older Australia’s that helps them continue to work whilst still receiving a pension. From yesterday, the bonus increased from $250 per fortnight to $300 a fortnight.
Increased minimum wage
The minimum wage has been increased from $719.20 to $740.80 per week or $19.49 per house from July 1st.
ABSTUDY Fare Allowance
From the start of this financial year, primary or secondary students under 18 must have a safe travel plan in order to receive ABSTUDY Fare Allowance. The plan details how students will travel between their destinations in a safe manner, and if a plan is not put in place, they will not receive the allowance for any pre-booked travel,
Stamp Duty Changes
From July 1st, stamp duty brackets will now be indexed to the Consumer Price Index to ensure that the tax on housing doesn’t skyrocket along with housing prices.
Carer Payments
Carers maybe now be able to get a new Carer Supplement payment up to $600 for each eligible person in their care. Some carers may also be able to access a new Child Disability Assistance Payment which will be up to $1000.
Higher Education Loan Program threshold changes
From yesterday, the new minimum HELP repayment threshold will be $45,881 with a 1% repayment rate. Repayments will also now be indexed with the Consumer Price Index to ensure the payments don’t impact on the cost of living.
NDIS Price Increases
From July 1, price limits for therapists will increase by almost $11 per hour, along with a rise of up to 15.4% for attendant care and community participation.
SEE ALSO: 5 hidden expenses you never knew you could claim back on tax
Written by Kate Stevens
Images: Unsplash
