Happy new financial year everybody! It’s tax time! Pinch and a punch for the first day of the month, and all that jazz! We’ve reached the mid-point of 2024 and while it acts like a good reminder of how fast time flies, it’s also a time when a lot of things in our legal system go into effect. So, let’s get into it, shall we?
To see the full list of laws that have been updated (including updates to manslaughter laws, engineered stone bans and more), check out the ABC’s yarn. Here, we’re delving into the main ones that impact us.
The New Laws Introduced In Australia As Of July 2024
The New Tax Bracket
The new tax brackets have been in discussion since the beginning of the year, but it’s only now that we’ll see them go into effect. According to Prime Minister Anthony Albanese, the Stage Three Tax Cuts were put in place to help low and middle-income workers.
“I understand people are under financial pressure,” Albanese said back in January before the cuts passed in February.
“An unprecedented combination of global inflation and damaged supply chains has pushed up interest rates, putting pressure on family budgets.”
The tax cuts mean that people who earn less than $45,000 will now pay 3 per cent less tax — as a result, all taxpayers should see a slight bump in their take-home pay next paycheck. Yahoo!
In short, here are the new tax brackets that you can expect from today.
- $0 – $18,200 — This is the tax-free threshold, so you don’t have to pay tax.
- $18,201 – $45,000 — People who earn in this bracket must pay a 16 per cent tax rate on each dollar over $18,000 earned.
- $45,001 – $135, 000 — People who earn in this bracket must pay a 30 per cent tax rate on each dollar over $45,000 earned.
- $135,001 – $190,000 — People who earn in this bracket must pay a 37 per cent tax rate on each dollar over $135,000 earned.
- $190,000+ — People who earn $190k or more must pay a 45 per cent tax rate on each dollar over $190,000 earned.
Minimum Wage Increases
In a win for minimum wage earners, there will be an increase in their pay packets from today. The minimum hourly rate is going up by 2.75 per cent to $24.10 an hour. This means that if you clock a 38-hour week, you’ll be taking home $919.91.
It may not be much in this cost of living crisis, but I guess anything is better than nothing.
Superannuation Payments
Compulsory superannuation payments are on the rise with earners now expected to put away 11.5 per cent of their earners into their super each paycheck.
If you’re super-duper organised and put extra cashola into your super each month (go you!), it’s worth noting that the maximum threshold for extra contributions (AKA concessional contributions) also rises from $27,500 to $30,000.
However, according to the ATO, if you have unused cap amounts from previous years, you might be able to use them to increase your contribution cap.
Parental leave
The new laws are perfect if you’re about to pop out a kiddo! From the first of July, parental leave pay has been extended by 10 days.
Vape Restrictions
Today is the day that the long-awaited vape restrictions officially go into place. This means that it is now illegal to sell, supply, manufacture, import or have commercial possession of non-therapeutic vapes. This means the ones that contain nicotine and a bunch of tasty flavours.
Now, to legally access a vape with nicotine in Australia, you need a prescription from your doctor. And, instead of a menu of flavours and colours to choose from, the only vapes available will be tobacco, mint or menthol flavours in plain packaging.
But it turns out that these laws will only be sticking around for a few months.
In June, the government announced that it intended to “water down” the ban imposed on the trade of e-cigarettes. So as of October 1, vapes will be able to be accessed as a behind-the-counter product through a pharmacist.
Australia’s Health Minister Mark Butler claims the updated legislation will see vapes and e-cigarettes return to what they were originally sold to the public for — “therapeutic products to help hardened smokers kick the habit”.
“It will be unlawful to supply, manufacture, import, and sell a vape outside of a pharmacy setting,” he said in June.
“These laws protect young Australians and the broader community from the harms of recreational vaping, while ensuring that those who really need access to a therapeutic vape for help to quit smoking, can get one from their local pharmacy.”
However, according to ABC News, major pharmacy brands including TerryWhite Chemists and Priceline have opposed the sale of vapes without prescriptions. And as the right to stock vapes is up to the pharmacy, it might be a bit tricky to find one that has vapes in stock.
Student visas
The new laws contain some changes for people on student visas in Australia.
Those on a Temporary Graduate, Visitor or Maritime Crew visa will no longer be able to submit applications for a Student visa while they’re in the country.
The Department of Home Affairs said these changes are coming into effect as an attempt to stop people “visa hopping” onto the student visa.
Now, those who wish to acquire a student visa must leave the country to apply or find another pathway to an Aussie visa.
Skilled Worker Visas
There is some good news for skilled workers on various working visas though. Those currently on a Temporary Work (Skilled) visa, Temporary Skill Shortage visa and a Skilled Employer Sponsored Regional visa, now have 180 days at a time (or up to a total of one year over the entire visa period) to apply for a different visa or find a new sponsor if they finished working for their sponsoring company.
You can find more information on skilled worker visa changes HERE.
And there you have it! Better write down all these new laws to keep your fine self out of trouble.
The post A Bunch Of New Laws Go Into Effect Today From Tax Rules To Vape Restrictions, Here’s The Lowdown appeared first on PEDESTRIAN.TV .
