Changes to the new financial year
Businesses and accounting firms are celebrating the end of one financial year and the beginning of a new one. A new start also brings about some changes which will affect homeowners, renters, electricity price hikes, aged care reform and more.
Family Payments
Parental Leave Pay and Dad and Partner Pay have combined into one payment from July 1st. Leave will increase from 90 days to 100 days and a combined family income limit of $350,000 will be introduced.
Additionally, if your family earns under $530,00, you’ll get increased Child Care Subsidy (CCS).
Electricity Price Hike
Electricity prices will be increasing by 20-25% from July 1st and affect customers in NSW, SA and QLD.
Super Update
From July 1st, the rate of super paid by employers to employees will increase to 11%. The minimum amount you can withdraw from your super income stream each financial year will also change.
Aged Care Workers
The Australian Government is committing $11.3 billion to implement a 15% increase pay rise for aged care workers. And at least one registered nurse will be required to be on site 24/7 in aged care facilities.
First-Home Buyers
There will be a stamp duty exemption for first-home buyers. This means that no stamp duty will need to paid on homes worth up to $800,000. Homes worth up to $1million will have a concessional rate.
If these changes affect you or you need to know more, contact our friendly and expert team.