Australia’s lowest-paid workers will get an extra $15.80 a week from July 1 after the Fair Work Commission handed down its annual minimum wage decision. This translates to $672.70 per week or $17.70 per hour.
Family Tax Benefit
From July 1, if you are part of a couple and your youngest child is 13 years of age or over, you will no longer be paid the Family Tax Benefit Part B.
Income Tax Cut
It was proposed in the Budget to increase the 32.5% tax threshold from $80,000 to $87,000. If the legislation is passed, this will take effect from 1st July 2016.
The lower annual income threshold, for super co-contributions, has increased to $36,021. If you contribute $1,000 of after-tax money into super the Government will match each dollar with 50cents. This reduces until income reaches $51,021.
To keep up with inflation, fees for most toll roads around the country will increase on July 1, usually by a few cents at most.
Patients have been warned that new medical costs are likely to hit patients from July 1, although feared fee imposts for lab tests have been staved off after the government reached agreement with the pathology sector.
Small Business Tax Cut
Although not yet legislated, companies with an annual turnover of less than $2 million will — hopefully — get a tax cut from 28.5 per cent to 27.5 per cent from July 1.
Licences, Regos and Tolls
Drivers license, vehicle registration and public transport fees are set to increase across the country from July 1, generally by around 1.9 per cent in line with inflation.
NSW Emergency Services Levy
The New South Wales Government has passed legislation to abolish the Emergency Services Levy (ESL) – known also as Fire Services Levy (FSL) – from insurance premiums with effect from 1 July 2017 and replace it with a property-based levy as part of council rates.
The Fire Services Levy component of insurance premiums relates to the financial year the policy was taken out and not to the policy period, however, insurers are still required to meet their full FSL obligations for the 1 July 2016 to 30 June 2017 financial year.
Each year ASIC increases its company lodgement fees and ASIC has released their updated fees for commonly lodged documents that will apply from 1 July 2016.
From 1 July 2016, ASIC will increase the fee to register an Australian company by $6 from $463 to $469. Other fee increase include: Annual Review Fee - standard company will be $249, up $3 and Company Name Change - will be $387, up $5.
Also, from 1 July 2016, the process for applying for registration as a company under the Corporations Act and applying to be registered in the ABR under the ABN Act will be linked.
A company registered before 1 July 2016 will be able to continue to use its ACN and will not require to apply for an ABN if it doesn’t need to have one.
Country of Origin Labelling
Shoppers will begin to see new labels appearing on food packaging, designed to make it clearer where the food is produced, grown, made or packed.