New financial year: what’s changing?

by | Jul 2, 2024 | 0 comments

With every new financial year comes changes that impact our family budgets, including tax, superannuation, and new rebates. So what’s changing now? Well, there’s some good(ish) news.

Tax cuts

The much talked about stage three tax cuts, which passed through Parliament in February, have now come into effect – and if you pay tax, you’ll notice a slight bump in your take-home pay. That’ because the amount your employer is paying in tax on your behalf has been cut and the difference will be going to you instead.

From 1 July 2024, the tax cuts will:

  • reduce the 19 per cent tax rate to 16 per cent (if you earn between $18,201 and $45,000)
  • reduce the 32.5 per cent tax rate to 30 per cent (if you you earn between $45,001 and $135,000)

Energy relief credits

Every family will receive a $300 energy rebate to help offset the rising costs of energy – but the Government isn’t handing out cash. The rebate will be credited to every household’s power bills, and will be applied quarterly. This means you’ll get $75 off each off your next four quarterly power bills.

Centrelink nil rate payment period

For Centrelink recipients, a nil rate payment period starts when you report employment income and your total income is over the cut off point. This reduces your income support payment to $0. From 1July 2024, the nil rate payment period increases from six to 12 fortnights in a row.

The Government has set a target of expanding Paid Parental Leave to 26 weeks by 2026, and every year it’s edging closer. As such, from 1 July, families will be able to access 22 weeks of leave, which is up from 20 weeks.

There are also threshold changes. People will now be disqualified from the payment if they earn above $175,788, which is nearly $7,000 more.

NEW: Sick of being on hold with Centrelink?
You can now book a phone appointment with Centrelink on your MyGov app!

Find out more about Centrelink payments and your eligibility, visit the Services Australia website.

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