Tax cuts and updated parental leave entitlements are some of the new measures this financial year designed to provide cost-of-living relief to Australians.
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Here are the major changes:
1. Minimum Wage
Full-time workers on the minimum wage will take home an extra $33 a week.
The Fair Work Commission lifted both minimum wages and award rates by 3.75 per cent in June to address the cost-of-living sting.
About one in five workers, or 2.6 million people, will be affected by the changes when they kick in on July 1, 2024.
Based on a regular 38-hour week, the change means that minimum wage employees will have their weekly wages rise from $882.80 to $915.90.
2. Superannuation guarantee rate
Workers should have the amount of superannuation paid by their employers tick up in the new financial year.
From July 1 the superannuation guarantee will rise from its current rate of 11% to a new rate of 11.5% for the 2024-25 financial year. Then from July 2025 the rate will increase one more time to 12%.
There is also a change in concessional contributions. Tax-deductible contributions will rise from $27,500 to $30,000 from July 1.
3. Energy bills
Every household will get a $300 energy rebate from July, while eligible small businesses will get a $325 rebate.
The rebate will be administered by state and territory governments and paid in instalments on electricity bills throughout the 2024-25 financial year.
Additional relief will be offered by some states and territories, you can search what is available to you at www.energy.gov.au/rebates.
4. Rent assistance
Commonwealth Rent Assistance will increase by 10 per cent for more than one million households with the government spending $1.9 billion over the next five years.
On average, those on rent assistance will receive an extra $19 per fortnight.
The rent assistance rise is the first time there has been consecutive increases in the payment in 30 years.
5. Paid parental leave
Two weeks of additional payments will be added to the paid parental leave scheme from July 1, 2024 until it reaches 26 weeks from July 1, 2026.
Both parents can take four weeks of leave at the same time if they choose to from 2026 in a bid to boost flexibility.
6. Stage three tax cuts
All Australian workers will get a tax cut ranging from $350 up to $4500 depending on their income bracket when the federal government's stage three tax cuts take effect on July 1.
Under the changes, the lowest tax rate for people earning between $18,201 and $45,000 will fall from 19 per cent to 16 per cent, while the 32.5 per cent tax rate will fall to 30 per cent for those earning above $45,000, but will now cut off at $135,000.
People earning between $135,000 and $190,000 will pay 37 per cent tax. The 37 per cent bracket currently starts at $120,000.
Meanwhile, the top tax bracket of 45 per cent will now kick in at $190,000 instead of $180,000.
7. Pensions
The amount pensioners could earn and still receive a full pension rate will be lifted from July 1.
A single pensioner's rate will rise by $8 from $204 to $212 per fortnight and a couple will be able to earn an extra $12 per fortnight as that rate rises from $360 to $372 a fortnight.