Key Changes for the 2024/2025 Financial Year
Discover how the new financial year changes starting July 1 can benefit you. Here's what to expect and how it may affect your finances.
News Article published here: How July 1 Changes Could Affect Your Wallet
Superannuation Guarantee: Now 11.5%
Employers will now contribute 11.5% of your earnings to superannuation, increasing your retirement savings.
Concessional Contribution Cap: Increased to $30,000
The cap on pre-tax superannuation contributions has been raised to $30,000, allowing for higher investments in your super fund.
Non-Concessional Contribution Cap: Increased to $120,000
The cap on after-tax superannuation contributions is now $120,000, providing more flexibility for boosting your retirement savings.
Tax Cuts: New Cuts Implemented
New tax cuts mean 13.6 million Australians will see more money in their paychecks. The new tax brackets are:
Up to $18,200: No tax
$18,201–$45,000: 16% tax
$45,001–$135,000: 30% tax
$135,001–$190,000: 37% tax
Above $190,000: 45% tax
Social Security Rates: Indexed
Certain government payments, including Family Tax Benefit, Newborn Supplement, and Rent Assistance, will see slight increases to keep up with the cost of living.
Residential and Home Care: Updated Schedules Released
New schedules for residential and home care services have been released, reflecting updated funding and service provisions.
Energy Bill Rebate: New Rebate Introduced
A new $300 energy rebate will be applied quarterly to your power bills, providing $75 off each of your next four bills.
These changes aim to improve the financial well-being of Australians across various sectors. Stay informed and take advantage of these updates to better manage your finances.
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