From accessing another $10,000 of superannuation to boosting the minimum wage, Australians can expect a raft of new changes with the beginning of another financial year.
As the clock ticks over into July 1 tomorrow morning, a number of sweeping financial measures and changes will take affect.
From changing banks to taking out health insurance, here’s what you can expect from the first day of the new financial year:
ATO’S WORKING FROM HOME SHORTCUT ENDS
To cover the COVID-19 period, the Australian Tax Office set up a “shortcut” method for calculating expenses for working from home.
Between March 1 and June 30, the ATO will allow taxpayers to deduct a flat rate of 80 cents per hour they’ve worked from home.
From tomorrow, you’ll have to revert to the traditional “flat rate” of 52 cents per hour.
“Failing to claim working from home expenses on your tax is akin to flushing money down the toilet. It is your money. Claim it,” Kate Browne, a personal finance expert at Finder, said.
MORE SUPER AVAILABLE FOR THOSE WHO NEED IT
To cover those hit financially by the COVID-19 pandemic, the Federal Government allowed some people to access $10,000 of their super in the 19/20 FY and another $10,000 in the 20/21 FY.
From tomorrow, those who already took out $10,000 – and have another $10,000 in their account – may be eligible for a second dip.
“By withdrawing $10,000 now, you will be taking a far greater amount away from your future self,” Ms Browne said.
“It is wise to consider all available options for financial assistance before jumping straight into your super.”
Also from tomorrow, the age limit for spousal contributions will be raised from 69 to 74.
From tomorrow, the new minimum wage will be $753.80 a week or $19.84 an hour, up $13 from $740.80 a week ($19.49 an hour).
ENERGY BILLS GO UP FOR SOME, DOWN FOR OTHERS
From tomorrow, many Australians can expect to see a rise in their annual energy bills.
New distribution tariffs approved for the 20/21 financial year will see:
– Ausgrid customers pay an extra $13.78 a year
– Endeavour Energy customers pay an extra $21.62 a year
– Essential Energy customers pay an extra $16.61 a year
Ms Browne said the increase in prices is a good incentive for customers to cross-shop their current providers.
“Don’t set it and forget it. Whether it is your health insurance, your energy provider or your super,” Ms Browne said.
“Monitor your financial products and make sure you are getting the best deal for you.”
In NSW, those who hold a Commonwealth Seniors Health Card can apply for energy rebates to keep bills down.
While the government’s free childcare program will continue tomorrow, its final days are near: the package is funded to July 12.
That means from July 13 childcare subsidies will return. A week later on July 20, JobKeeper payments for childcare workers will end.
CAR REGISTRATION, LICENCE FEES
Typically car registration and licence fees increase on the first day of each financial year – but due to coronavirus pressures the NSW Government has said there will be a reprieve from the annual increase.
That reprieve isn’t national though – from tomorrow Queensland motorists will be slugged with a 1.8 per cent increase.
Fees in the ACT, Victoria, Tasmania and the NT are all frozen.
In South Australia drivers will receive approximately $200 off their registration and insurance premiums.
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