There is a tendency for laws, rules, regulations and obligations to change or take effect from July 1 (aka the financial New Year) in Australia. So what is changing in Australia today, July 1 2016?
News.com.au have published an article detailing the variety of changes that will be taking place from today onwards.These changes revolve around many business and work related issues such as: the minimum wage, road tolls, power prices, the small business tax cut, SuperStream, unfair dismissal and licences/rego/transport.
The minimum wage has increased by 2.4 percent with workers now being paid $672.70 per week or $17.70 per hour. This is an increase from $656.90 per week or $17.29 per hour last year. The article states that this will affect almost two million workers.
Road tolls will increase in QLD, NSW and Victoria. In QLD, tolls at the Murarrie toll point will increase by seven cents for privately registered cars. In NSW, the M2 will increase between one and six cents depending on how many toll points people pass and in Victoria, the maximum toll on CityLink will increase by three cents and by one cent on the Bolte Bridge.
Power prices will increase in NSW, South Australia and the ACT. In NSW, power bills will increase by up to $30 per year, in South Australia there will be a 6.5 to 10 percent increase in power bills, depending on the provider, and in the ACT power bills will rise by 6 percent.
Companies with annual turnover of less than $2 million will hopefully receive a tax cut from 28.5 percent to 27.5 percent. The key word being hopefully as the article states that the cut is not yet legislated.
SuperStream is now compulsory for all small business owners. This time last year, SuperStream had commenced for small business owners with less than 19 employees, however it wasn’t compulsory until now. Small businesses with more than 20 employees were required to become SuperStream compliant by July 2014. The article states that any small businesses who aren’t prepared for SuperStream should seek professional advice or visit the ATO website.
The income threshold for employees covered by unfair dismissal laws has increased from $136,700 to $138,900.
Driver’s licence, vehicle registration and public transport fees are set to increase across the country by about 1.9 percent, in line with inflation. According to the article, unrestricted driver’s licence fees in NSW, Victoria, QLD and South Australia will increase by $4, $1.90, $5.60 and $5 respectively.
Another business related change coming into effect today will include the abolition of stamp duty on the transfer of business assets. More information on the abolition of this stamp duty can be found here.
Other changes coming into effect today revolve around the family tax benefit, doctor’s visits, country of origin food labelling, farm management deposits, jewellery and SMSF trustees, the first home buyers grant, student visas, stamp duty increase for foreign investors, fishing licence fees and trots drivers.
News.com.au’s article can be read in full here.
Image via Pixabay.