Tax cuts and higher wages
Australians on the minimum wage and those covered by modern awards will receive a 4.75 per cent pay rise from 1 July, 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.
The change is expected to benefit around 10 million taxpayers.
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.
At the same time, the superannuation guarantee will increase from 11.5 per cent to 12 per cent, with employers required to contribute the higher amount from 1 July.
Changes will also apply to people with high-value super balances, with an extra 15 per cent tax applying to balances above $3 million and another 10 per cent tax on balances above $10 million.
Paid parental leave will expand to 30 weeks, while parents will be able to take leave at the same time under government-funded arrangements.
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 will fall by around 16 cents a litre as a temporary reduction takes effect.
An instant $1,000 tax deduction for work-related expenses will begin to apply, although taxpayers will still be able to choose to claim actual deductions instead.
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.
