Source : Perth Now news
WHAT IS CHANGING ON JULY 1?
* 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
* 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
* 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’s tax bill
* 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
* 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
* Parents get an extra two weeks of paid parental leave, taking the total amount of government-funded leave to six months
* 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
* Text messages will look different, with SMS sender ID register rules set to kick in in a bid to help stop scams
* The fuel excise cut will be gradually reinstated, with an extra 16c a litre added to the cost of fuel from July 1
* 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
* Coles and Woolworths will need to comply with new price-gouging regulations that ban “significantly excessive” prices compared to the product’s cost
* Small businesses under $1 billion in turnover will be able to carry back tax losses to offset profits from earlier years
* 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
* Restaurants must label seafood to say whether it came from Australia, overseas or a mix of domestic and imported suppliers
