A new tax year means a raft of new rules coming into effect that will benefit or add to the cost of living pain. Here are the biggest winners and losers from July 1.
From July 1 changes such as an increase to the minimal wage and superannuation, to more household pain with rising energy bills will come into effect.The national minimum wage will increase to $23.23 per hour or $882.80 a week based on a 38-hour working week for a full-time employee.The Fair Work Commission made the announcement in June it would lift the minimum award rate by 5.75 per cent and the national minimum wage by 8.65 per cent.
By the end of 2023, a requirement of 200 care minutes per resident per day will also need to be met. The time is reduced for smaller homes.It can be split between the the couple. Single parents can also access 20 weeks of leave. The maximum childcare subsidy rate will rise significantly, with families earning up to $80,000 getting 90 per cent of their first child's fees refunded.The $5.4 billion promise will benefit 1.26 million families, according to Labor.Some households around the country will benefit from the government's $500 energy bill relief amid the struggle to pay power costs.
And if you are in the Australian Capital Territory, you can receive $175 per household. Bills are also set to drop by $152 in the Large-scale Feed-in Tariff Scheme. Pensioners can now earn $204 every two weeks and still keep their full full single pension of $1,064 a fortnight. It drops 50 cents for every extra dollar earned.The Temporary Skilled Migration Income Threshold on minimum wage payable will rise from $53,900 to $70,000 on July 1.
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