WHAT IS CHANGING ON JULY 1?<\/p>\n
* About 2.7 million workers on award wages will get a 4.75 per cent pay bump, while workers on the minimum wage will get a six per cent pay rise, following a Fair Work Commission decision<\/p>\n
* Workers will also receive super contributions on payday, rather than in quarterly instalments, which means they will accumulate larger super balances as a result of compound interest<\/p>\n
Sign up to The Nightly’s newsletters.<\/p>\n
Get the first look at the digital newspaper, curated daily stories and breaking headlines delivered to your inbox.<\/p>\n
By continuing you agree to our Terms<\/a> and Privacy Policy<\/a>.<\/p>\n * The lowest marginal tax rate for income between $18,201 and $45,000 will fall from 16 per cent to 15 per cent as part of changes announced in the 2025 federal budget, cutting up to $268 per year off an individual\u2019s tax bill<\/p>\n * High-value super account holders will pay an extra 15 per cent tax on balances above $3 million and another 10 per cent tax on top of that for balances above $10 million<\/p>\n * An instant $1000 tax deduction on work-related expenses will begin to apply, although taxpayers will only begin to choose the deduction from July 2027<\/p>\n * Parents get an extra two weeks of paid parental leave, taking the total amount of government-funded leave to six months<\/p>\n * Family tax benefit payments will be indexed in line with inflation, while eligibility thresholds for other Centrelink benefits such as jobseeker and the disability support pension will also rise<\/p>\n * Text messages will look different, with SMS sender ID register rules set to kick in in a bid to help stop scams<\/p>\n * The fuel excise cut will be gradually reinstated, with an extra 16c a litre added to the cost of fuel from July 1<\/p>\n * Power bills will come down for most households in NSW, Victoria and southeast Queensland, while the majority of South Australians can expect a small increase<\/p>\n * Coles and Woolworths will need to comply with new price-gouging regulations that ban \u201csignificantly excessive\u201d prices compared to the product\u2019s cost<\/p>\n * Small businesses under $1 billion in turnover will be able to carry back tax losses to offset profits from earlier years<\/p>\n * The next tranche of anti-money laundering and counter-terror financing obligations will kick in, requiring lawyers, accountants, conveyancers, real estate agents and jewellery stores to upgrade record-keeping to verify their customer<\/p>\n * Restaurants must label seafood to say whether it came from Australia, overseas or a mix of domestic and imported suppliers<\/p>\n","protected":false},"excerpt":{"rendered":"WHAT IS CHANGING ON JULY 1? * About 2.7 million workers on award wages will get a 4.75…\n","protected":false},"author":2,"featured_media":769738,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[14],"tags":[45,49,48,133,131,132],"class_list":["post-769737","post","type-post","status-publish","format-standard","has-post-thumbnail","category-personal-finance","tag-business","tag-ca","tag-canada","tag-finance","tag-personal-finance","tag-personalfinance"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/769737","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/comments?post=769737"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/769737\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media\/769738"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media?parent=769737"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/categories?post=769737"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/tags?post=769737"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}