A new financial year means a range of changes that could make a real difference to your household budget. From higher wages and tax cuts to more paid parental leave and increased family payments, several new government measures have now come into effect. Here’s the changes that may have the biggest impact on single mothers.
More money in your pay packet
If you’re paid under a modern award or receive the National Minimum Wage, you could soon see a little extra in your pay.
The Fair Work Commission has increased minimum and award wages by 4.75%, with the National Minimum Wage now sitting at $26.44 per hour (or $1,004.90 a week before tax for a full-time employee).
The increase applies from your first full pay period on or after 1 July.
A small tax cut for millions of workers
A little good news if you’re earning between $18,201 and $45,000 a year: the lowest income tax rate has been reduced from 16% to 15%, meaning you will pay a little less tax and take home more of what they earn.
Family Tax Benefit increases
Many families receiving Family Tax Benefit Part A and Part B will receive higher maximum payment rates following the latest indexation changes.
Some Centrelink income and asset thresholds have also increased, which may affect eligibility for certain payments.
If you receive Centrelink support, it’s worth checking your myGov account or speaking with Services Australia to see how the changes affect your family.
Paid parental leave gets longer
If you’re welcoming a new baby through birth or adoption from 1 July, you’ll have access to expanded government-funded Paid Parental Leave. The entitlement has increased from 24 weeks to 26 weeks, giving families more time to bond with their new child.
Superannuation paid more often
One of the biggest changes this year is that employers must now pay superannuation at the same time as wages instead of every three months. This means you’ll be able to keep a closer eye on your retirement savings and identify any missing super contributions much sooner. While retirement can feel a long way off when you’re raising children, more regular super payments can help your balance grow over time.
New protections against scam text messages
Scam text messages have become increasingly common, particularly those pretending to be from banks, delivery companies or government agencies.
New rules now require businesses using branded text messages to register their sender IDs. Registered businesses will be easier to identify, making it more difficult for scammers to impersonate trusted organisations.
Remember, if you’re unsure about a text message, avoid clicking links and contact the organisation directly. Look up the phone number of the business you think has contacted you and call them on that number – never just return the call.
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