Tax cuts, bill relief feature in financial year changes
IMPORTANT CHANGES IN THE NEW FINANCIAL YEAR:
TAX CUTS
* Australians with annual earnings of $72,753 will get a $1498 tax cut
* People earning $45,000 will get just over $1300 tax back
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* Australians earning over $120,001 will get the same tax back as they did in the 2022/23 financial year
MINIMUM WAGE
* The national minimum wage rises by less than $1 from $23.23 to $24.10 an hour, translating to $47,621.60 a year based on a 38-hour working week
PAID PARENTAL LEAVE
* Eligible parents will be able to access up to 110 days or 22 weeks on a five-day work week
* The rate of paid parental leave will increase in line with the minimum wage to $915.91 per week
ENERGY BILL RELIEF
* All households are eligible for a $300 rebate, applied as $75 quarterly credits
* Prices will go down by $17 to $190 across the year, depending on location
SUPERANNUATION
* The minimum rate of superannuation rises 0.5 percentage points to 11.5 per cent of pay
* The before-tax contribution cap increases to $30,000 from $27,500
* The after-tax contribution cap increases to $120,000 from $110,000
WELFARE
* The disability support pension increases by $50 a fortnight
* A maximum of $9.40 extra a week for a single person on rent assistance
PASSPORTS
* A 10-year passport will cost almost $400, up about $50
ENGINEERED STONE BAN
* No more manufacture, supply, processing or installation of engineered stone bench tops, panels and slabs
* Engineered stone causes silicosis, a life-threatening lung disease.
VAPING
* Sales of vapes to be restricted to pharmacies
* Buyers to be allowed vapes with limited nicotine content over the counter, once they have a discussion with the pharmacist about health harms and confirm they're over 18.