LET’S face it, when it comes to the end of the financial year, it’s fair to say that most of us hunker down to maximise the best possible return on our taxes, perhaps more so than ever this year as the cost-of-living bites hard.
With exorbitant costs at the check-out, sky-high energy costs and a whole range of inflated pressures eating away at the family budget, the new financial year has, thankfully, brought with it at least some good news.
From July 1, 13.6M working Australians will get a tax cut. According to Labor Senator for Victoria, Jana Stewart, residents in the Goulburn Valley will receive a significant average cut of $1,314.
Unfortunately, while these cuts won’t be reflected in this year’s return, the table below will give you an idea of how the cuts will affect your tax bracket.
Other positive changes include a 3.74 per cent increase to the minimum wage affecting more than 20 per cent of Australian workers. With the increase, a full-time worker in this wage bracket can now expect to take home $913.91 per week; an increase of about $33.
Along with some social services payments, such as Family Tax Benefit A and B receiving a slight increase, renters can also expect a 10 per cent increase in their Rent Assistance payments.
As household energy prices continue to soar, the 2024 Federal Government Energy Bill Relief Fund will mitigate some of these costs by crediting every Australian household’s power bill $75 (totaling $300) across four consecutive quarters, while small businesses will receive $325 for their energy bills.
With many other key financial changes being rolled out, working parents with newborns will welcome an extra ten days added to their Parental Leave pay, increasing this crucial time from 20 to 22 weeks, while a freeze on the cost of PBS medicines for every Australian will take place from January 1, 2025.
