Well, the new financial year has kicked off and that means a ton of new changes for Australians.
In case you missed some of them, here are the big ticket items that may impact you.
😊Income Tax Cuts –
- Cut the 19 per cent tax rate to 16 per cent for incomes between $18,200 and $45,000
- Cut the 32.5 per cent tax rate to 30 per cent for incomes between $45,000 and $135,000
- Retain the 37 per cent tax rate but increase the threshold from $120,000 to $135,000
- Retain the 45 per cent tax rate but increase the threshold from $180,000 to $190,000
** You don’t need to do anything, your employer will automatically without the new amounts.
💰Minimum Wage Change:
The minimum wage and award wages will increase by 3.75%. About 2.5million Australians are set to benefit. Minimum wage will now be $24.10 per hour (Based on 38 hour work week)
🏦Superannuation:
The compulsory super guarantee rate increases from 11% to 11.5%. If you are a someone who likes to add a bit extra in to your super each year, you can now add even more. Previously the concessional contributions cap was $27,500 and now is $30,000
👪 Extra 2 weeks Parental Leave:
Parental Leave Pay will be boosted to 22 weeks, up from 20 weeks. This will be paid at national minimum wage.
🛫Passports:
For those last minute jetsetters, the passport office will now have a 5 business day fast track option, costing $100. Meanwhile, the cost of a standard 10 year passport is increasing from $346 to $397.90
🔌Electricity Rebates:
A $300 energy rebate for households will be automatically applied by energy suppliers after 1st July. It will be paid in $75 instalments each quarter.