Prepare your wallets: Here are several changes in the new financial year

As the calendar flips to July, Australians expect a mix of financial shifts that could impact their daily lives and long-term savings.

From tax cuts to energy bill adjustments and even the cost of staying connected via the internet, the new financial year brings with it a raft of changes.

Here is a comprehensive guide on what to expect and how to prepare for the changes coming in for the next financial year.


Tax time tweaks

The much-anticipated stage 3 tax cuts are rolling out, and it promises to leave more pocket money each payday.

Unlike one-off tax rebates, these cuts could reduce the amount of tax withheld from your salary, effectively boosting take-home pay.

This could mean extra money for weekly shops, medical expenses, or even spoiling the grandkids.


compressed-tax time.jpeg
The much-anticipated stage 3 tax cuts will take effect today, 1 July. Image Credit: Shutterstock/Roman R


Minimum wage boosts

For those still in the workforce, including seniors who work part-time, the minimum wage is on the rise.

A 3.75 per cent increase translates to an additional $33 per week for full-time workers, which could ease the pinch of rising living costs for many.


Enhanced paid parental leaves

For new grandparents supporting their children through parenthood, paid parental leaves are extended by two weeks, up to a total of 22.

This increment will benefit new parents and provide additional support to extended families often involved in child-rearing.

Superannuation guarantee uplift

In a move that will benefit retirement nest eggs, the superannuation guarantee will increase from 11 to 11.5 per cent.

This mandatory contribution from employers to your super fund means you'll be saving more for retirement without extra work.

Energy bill relief and price adjustments

The government's $300 energy bill relief will manifest as quarterly rebates of $75, automatically applied to bills.

Additionally, most Australians will see a decrease in energy bills due to new default market offers.

However, South-East Queensland residents could face a slight increase.


Rent assistance and welfare payment increases

To alleviate the housing affordability crisis, Commonwealth Rent Assistance will increase by 10 per cent.

This is a significant boost for those renting in the private market.

Furthermore, a range of welfare payments, including pensions, will see an increase through quarterly indexation, which could provide relief against inflation.

Engineered stone ban and housing targets

For those planning some home renovations, engineered stones have been banned after health risks due to crystalline silica.

The government's housing targets are now aiming to address the housing crisis by boosting the supply of new homes, eventually leading to more affordable housing.

Navigating NBN price changes

On the less positive side, wholesale NBN price increases could mean many will face internet bill increases.

While some plans may decrease in price, review your current plan and consider shopping around for alternatives.

You can also negotiate with your current provider to ensure you're getting the best deal.


Passport price hike

For those planning overseas trips, passport fees are increasing.

A 10-year adult passport now costs $398.

A new fast-track fee was also introduced for expedited processing, which is handy for last-minute travel plans.

As we navigate these changes, it's crucial to stay informed and adjust your budget accordingly.

Whether it's a slight increase in your internet bill or a welcome tax cut, preparing will help you make the most of your finances in the new financial year.

Remember, if you need clarification on how these changes affect you or need advice on managing your finances, feel free to seek professional guidance.
Key Takeaways

  • Stage 3 tax cuts have come into effect, which means working Australians will take home more of their salary every payday thanks to income tax reductions.
  • The minimum wage also increased by 3.75 per cent, giving a pay rise to Aussies.
  • A variety of welfare payments will increase due to quarterly indexation, including the Commonwealth Rent Assistance, which rose by 10 per cent.
  • There will be a $300 rebate for household energy bills to help counter the cost of living. However, NBN prices and passport fees also increased.
Are you prepared for the changes in the new financial year? Share your thoughts and money-saving strategies with us in the comments below.
 
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Incorrect ... EVERY Australian household is receiving the $300 energy bonus - NOT just those on concession cards.

There are many sources verifying this ... this excerpt is from CHOICE.

"1. Every household in Australia is eligible for the rebate, but not every Australian. In other words, the rebate will be applied to a single power bill for each household, not to every person in that household.

2. Your power company is in charge of applying the $300 rebate, so you won't be receiving any government deposits in your account.

3. The rebate will be applied quarterly at $75 per quarter.

4. The rebate will be automatically applied as a credit on your energy bills, so you don't have to take any action to redeem it."
You are correct. As long as you are paying for electricity you will get the $300 $400 + $700. I think people are getting confused with "Energy Rebate" and "Energy Concession"....two different things
 
Just another visual of the never ending saga of the dog chasing his tail, where everything just keeps on going up.

The wonders of Albo, Chalmers, Bowen & "Dong" wont be happy until they "Bury" the lot of us with their misery with which they bestow upon us. This is of course with the help of the complete & utter "Dill Bill" greens.

"Wot" a pack of rat bags we have.
Broadly speaking, WE elected them, on our heads be it!
 
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Incorrect ... EVERY Australian household is receiving the $300 energy bonus - NOT just those on concession cards.

There are many sources verifying this ... this excerpt is from CHOICE.

"1. Every household in Australia is eligible for the rebate, but not every Australian. In other words, the rebate will be applied to a single power bill for each household, not to every person in that household.

2. Your power company is in charge of applying the $300 rebate, so you won't be receiving any government deposits in your account.

3. The rebate will be applied quarterly at $75 per quarter.

4. The rebate will be automatically applied as a credit on your energy bills, so you don't have to take any action to redeem it."
If you live in a retirement village where you are NOT billed directly (the village is billed and we pay the village) you have to apply. We have had to do this two years in a row and it is a pain in the neck. Have to provide a copy of our power bill as at 30th June and prove we live here permanently. It will not just turn up in our bank account unless we do this.
 
Reply to Cheezil...Get out of NBN for a start!
My husband used to work for the PMG...when it was that name.We are pensioners.
When NBN started, he read up about it and said NO!
We have a plan with Telstra .We make very few phone calls as we email people, rather than phone them.
Our SET monthly bill is $77. It covers 2 wireless modems and a landline.We also use Aldi sims for a fraction of their usual cost. This includes tv.

We have never had a breakdown with any of it...while our next door neighbours with NBN are out for days at a time.
Hope this helps you.
We were connected to NBN, the Telstra copper cabling was disconnected. If we wanted a home phone (and it is a must in my case) we have to be with NBN...
 
my wife died 1 and a half years ago and when she saw the specialist finally after 10 months the doctor did nothing
4 days later my wife was in a coma and 4 days after that she died
none of the doctors will confirm what she died from and why only one test was done before going into a coma and that was a bronchiometry which the doctors admit in writing no one read the results
I WAS A 24 /7 CARER AND STILL CANNOT GET ANSWERS
A disgrace..
 
I will be 80 next year and my husband 90 but I do everything from managing finances, chauffeur, cooking, cleaning, shopping, etc ....there are many others like myself. Heaven help us if I get sick or get dementia like he has. We chose to save and became fully self funded. I often wonder if we did the right thing as I could get home help and other assistance if on a part pension.
If you are self funded retirees then in all likelihood you can afford to pay for someone to come in and do jobs for you snd make life alot easier for you. You just have to make the decision to do so
 
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It seems the general consensus here is to knock the government and moan and complain about government handouts.
Here's a novel idea, why not take some control over your own financial destiny in this fantastic digital age and wonderful country.
It's never been easier to generate income via the internet. If you can access this message board and type comments, then you can surely pick up new skills to generate some income.
Why not sell on eBay or even FB Marketplace. Anyone can do this.
Why not pick up name brand clothing at opp shops for next to nothing and list them on eBay?
You could even sell their merchandise on consignment if you're strapped for cash. No money outlay what's so ever.
Or what about Amazon FBA or KDP, or even Etsy, especially if you're crafty.
Even drop shipping could be viable for those interested.
Hell, you could even learn to trade CFDs.
And what about affiliate marketing? Another good revenue stream for those interested. Once again, no financial outlay.
You could learn about social media ad platforms and help your local businesses out with ad campaigns.
All these avenues have low or no start up costs.
There's plenty of free resources all over the internet on all these topics, or you could go to platforms like Udemy and enroll for specific courses that take your interest. The advantage here is that you can usually ask questions to the course creator and get additional guidance.
There is really no excuse. But I'm sure plenty of you here will think of some.
The only thing holding you back from generating income from home is what's between your ears!!!
 
So we are part pensioners because I work part time. With my tax cut and the $12 a fortnight extra we can earn before we start losing more pension I figure if we are lucky we might get an extra $10 a fortnight. Big whoopi. I don’t think the extra parenting payment will be applicable to any older people or pensioners so why even mention it in the story? Pensioners won’t get the indexation rise until September from what I remember so that is not applicable now either. Rent assistance is a pittance as is carers allowance, the super rise will be negligible for older people who have limited time left in the workforce. So all in all very little help for vulnerable people. But it will be ok, the politicians snouts are going deeper into the trough, not like they need or deserve or are worth any more money, and today the new governor general was sworn in and got a $214,000 yearly pay rise, up from $565,000 to about $780,000+. How is that even justified or needed. Anyway if she is the kings representative maybe he should pay her wage and not us taxpayers. As for the extra houses all the governments are spruiking about building why aren’t they building them already instead of just loud mouthing about how many they are building and how they will help homeless and vulnerable people. They have been on this bandwagon for the past couple of years and I am yet to see them do anything constructive about actually building these houses.
 
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Hi SDC Team
May be this not the way to address my problem,my name Tony Ho and a member of SDC.I think I have accidentally unsubscribed myself from the email list,would someone put me back on the list.Sorry about that and thank you
Cheers
Tony
 
It seems the general consensus here is to knock the government and moan and complain about government handouts.
Here's a novel idea, why not take some control over your own financial destiny in this fantastic digital age and wonderful country.
It's never been easier to generate income via the internet. If you can access this message board and type comments, then you can surely pick up new skills to generate some income.
Why not sell on eBay or even FB Marketplace. Anyone can do this.
Why not pick up name brand clothing at opp shops for next to nothing and list them on eBay?
You could even sell their merchandise on consignment if you're strapped for cash. No money outlay what's so ever.
Or what about Amazon FBA or KDP, or even Etsy, especially if you're crafty.
Even drop shipping could be viable for those interested.
Hell, you could even learn to trade CFDs.
And what about affiliate marketing? Another good revenue stream for those interested. Once again, no financial outlay.
You could learn about social media ad platforms and help your local businesses out with ad campaigns.
All these avenues have low or no start up costs.
There's plenty of free resources all over the internet on all these topics, or you could go to platforms like Udemy and enroll for specific courses that take your interest. The advantage here is that you can usually ask questions to the course creator and get additional guidance.
There is really no excuse. But I'm sure plenty of you here will think of some.
The only thing holding you back from generating income from home is what's between your ears!!!
Yep, it would be good way to make money if you had stuff to sell, and if people wanted what you were selling. Op shop prices are not cheap anymore and a lot of people don’t have the money to outlay buying stuff they might not be able to on sell. The most vulnerable people at the moment are the ones living below the poverty line and the homeless, how are they supposed to afford to do any of the things you suggested. A lot of them would already have sold off anything they could to try and survive. No everyone has the health or time to chase around op shops etc looking for bargains they can maybe sell on for a profit. The governments are quick to bolster their own coffers with huge pay rises so if they can afford that they should be able to help the more vulnerable people as well.
 
i approve of the ban on stone benches etc. I would not have it stayed with formica. I will not be wanting something that kills a human.
 
Reply to Cheezil...Get out of NBN for a start!
My husband used to work for the PMG...when it was that name.We are pensioners.
When NBN started, he read up about it and said NO!
We have a plan with Telstra .We make very few phone calls as we email people, rather than phone them.
Our SET monthly bill is $77. It covers 2 wireless modems and a landline.We also use Aldi sims for a fraction of their usual cost. This includes tv.

We have never had a breakdown with any of it...while our next door neighbours with NBN are out for days at a time.
Hope this helps you.
i pay 85 with nb telstra. not much of a difference.
 
It seems the general consensus here is to knock the government and moan and complain about government handouts.
Here's a novel idea, why not take some control over your own financial destiny in this fantastic digital age and wonderful country.
It's never been easier to generate income via the internet. If you can access this message board and type comments, then you can surely pick up new skills to generate some income.
Why not sell on eBay or even FB Marketplace. Anyone can do this.
Why not pick up name brand clothing at opp shops for next to nothing and list them on eBay?
You could even sell their merchandise on consignment if you're strapped for cash. No money outlay what's so ever.
Or what about Amazon FBA or KDP, or even Etsy, especially if you're crafty.
Even drop shipping could be viable for those interested.
Hell, you could even learn to trade CFDs.
And what about affiliate marketing? Another good revenue stream for those interested. Once again, no financial outlay.
You could learn about social media ad platforms and help your local businesses out with ad campaigns.
All these avenues have low or no start up costs.
There's plenty of free resources all over the internet on all these topics, or you could go to platforms like Udemy and enroll for specific courses that take your interest. The advantage here is that you can usually ask questions to the course creator and get additional guidance.
There is really no excuse. But I'm sure plenty of you here will think of some.
The only thing holding you back from generating income from home is what's between your ears!!!
well i hope you say no to your govt handouts TAX CUTS AND WHATEVER YOU GET FROM THIS CORRECT GOVT
WHY DONT YOU GET OFF YOUR HIGH HORSE AND DONATE WHAT EVER YOU EARN ABOVE AND BEYOND THE PENSION RATE TO ANYONE WHO IS WORSE OFF
L WOULD BET YOU HAVE BEEN GIVEN A GOOD LIFE
SO CHANGE THAT AND JOIN THE ARMED FORCES AND OFFER YOUR LIFE UP SO THE GOVT CAN SHIT ON YOU TOO YOU SPOILED BRAT
 
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People earning an income will receive more take-home pay but those of us who cannot work, on old age and disability pensions, continue to struggle. Why not give us the same pay rise you're giving to workers when you cut their tax. What makes the government think workers need more money to live on than pensioners. Really!!!!! 😧 I have to sell my house because I just can't afford to run a home. Now I've had an insurance premium hike of $120 per fortnight. I can't drop insurance because the bank still has a mortgage over it. I'm now on hardship payments for the first time in my life. Very embarrassing. But at the age of 70 I'm going to be homeless if I can't find somewhere to rent because I can't afford to buy another home. Must be low set now. I'll have to try and take on long-term house sits provided there are no farm animals and too much mowing.

My life was supposed to be comfortable in my old age. Never, in my wildest dreams, have once had investment properties, which, during COVID dropped so low panic sale thus owing the bank $100000 just for one apartment. I had to sell my home and buy in an island where I could get a small home but then another two properties were sold adding to my debt. Sold my home and moved farther north to Forrest Beach where I bought very cheap. Property has gone up considerably but nothing much is selling. No grey nomads visiting this year.

Well, I'm broke and could have done with getting an equal rise the workers are going to receive through rax reduction which they're saying equates to $10 per week.

Just saying, complaining, begging - whatever

Cheers
Could you get some advice before selling your home? Maybe see if you could afford to buy a unit in a different area. You're better off owning a home, which of course you know. I hope it all works out for you.
 
Yep, it would be good way to make money if you had stuff to sell, and if people wanted what you were selling. Op shop prices are not cheap anymore and a lot of people don’t have the money to outlay buying stuff they might not be able to on sell. The most vulnerable people at the moment are the ones living below the poverty line and the homeless, how are they supposed to afford to do any of the things you suggested. A lot of them would already have sold off anything they could to try and survive. No everyone has the health or time to chase around op shops etc looking for bargains they can maybe sell on for a profit. The governments are quick to bolster their own coffers with huge pay rises so if they can afford that they should be able to help the more vulnerable people as well.
And here come the excuses. I knew there'd be a few. If you think you can or you think you can't, either way you are correct in your outlook. The best way to get started is to sell on consignment from these opp shops. NO financial outlay. All you need is your phone camera and you're good to go. You say people haven't got time. Yes I suppose it would cut into their hectic day. Just depends on where their priorities lie. Probably rather sit around watching "Days of Our Lives". Fair enough. These are the people that expect everything handed to them. Sad society really. Still, we all get out of life what we put in.
I say good luck to the polys and their pay rises. We are so lucky to have a stable political environment.
 
Hi SDC Team
May be this not the way to address my problem,my name Tony Ho and a member of SDC.I think I have accidentally unsubscribed myself from the email list,would someone put me back on the list.Sorry about that and thank you
Cheers
Tony
Hi Tony, that happened to me. Email [email protected] and let them know and they will sort it for you
 

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