Tax cuts and higher wages
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 higher take-home pay, with the lowest personal income tax rate falling from 16 per cent to 15 per cent for annual incomes between $18,201 and $45,000.
Super and family support
Workers will receive super contributions on payday, rather than in quarterly instalments, which means they will accumulate larger super balances as a result of compound interest.
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
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 increase in line with inflation, while eligibility thresholds for some Centrelink benefits will also rise.
Other household and business changes
The fuel excise cut will be gradually reinstated, with an extra 16c a litre added to the cost of fuel from July 1.
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.
Small businesses with annual turnover below $1 billion will also be able to carry back tax losses to offset profits from earlier years.
Restaurants and cafes will also be required to identify whether seafood served is Australian, imported or a mix of both under new country-of-origin labelling rules.
New scam protections
Text messages will look different under new anti-scam measures.
Registered SMS sender IDs will be introduced to help reduce text message scams by making it harder for fraudsters to impersonate trusted organisations.
New anti-money laundering and counter-terrorism financing obligations will also begin applying to lawyers, accountants, conveyancers, real estate agents and jewellery businesses, requiring stronger customer identification and record-keeping.
