Every major change you need to know about before July 1The end of the financial year is set to trigger huge money shake-ups — some helping your pocket and others not so much.5 min read

7NEWS

Jun 29

The new financial year is just one sleep away, with July 1 to usher in a huge suite of reforms that will impact millions of Australians.From tax cuts and deductions, to Payday Super and the minimum ...

Source Link

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Most Discussed

{"basename":"","ssrTDKData":{"titleTemplate":"%s - Tiger Brokers","title":"Tiger Brokers | Global Stocks, Options & Futures Trading App","description":"Tiger Brokers, one-stop investment in US stocks, SGX stocks, HK stocks, A-shares & other global assets. One of the best stock trading platforms in Singapore.","keywords":"tiger brokers,tiger trade,tiger brokers singapore,broker online,stock trading in singapore,share trading singapore,brokerage firm singapore,trading app,stock broker singapore,stock trading platforms,trading account","social":{"ogDescription":"Tiger Brokers, one-stop investment in US stocks, SGX stocks, HK stocks, A-shares & other global assets. One of the best stock trading platforms in Singapore.","ogImage":"https://c1.itigergrowtha.com/portal5/static/media/og-logo.0a0bd8dc.png","ogUrl":"https://www.etasphere.com/news/2647370804"},"companyName":"Tiger Brokers"},"pageData":{"isMobile":false,"isTiger":false,"isTTM":true,"region":"SGP","license":"TBSG","edition":"fundamental"},"isCrawlerRequest":true,"__swrFallback__":{"@#url:\"https://stock-news.skytigris.cn/v3/news\",params:#id:\"2647370804\",edition:\"fundamental\",auth_exemption:1,,,undefined,":{"share":"https://ttm.financial/m/news/2647370804?lang=en_US&edition=fundamental","thumbnail":"","is_english":true,"pubTime":"2026-06-29 00:00","share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","id":"2647370804","market":"us","top_or_hot":-1,"title":"Every major change you need to know about before July 1The end of the financial year is set to trigger huge money shake-ups — some helping your pocket and others not so much.5 min read","media":"7NEWS","content":"<div>\n<p>The new financial year is just one sleep away, with July 1 to usher in a huge suite of reforms that will impact millions of Australians.From tax cuts and deductions, to Payday Super and the minimum ...</p>\n\n<a href=\"https://7news.com.au/news/minimum-wage-tax-cuts-and-paid-parental-leave-the-major-financial-changes-coming-july-1-c-22503013\">Source Link</a>\n\n</div>\n","source":"7news_stock","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Every major change you need to know about before July 1The end of the financial year is set to trigger huge money shake-ups — some helping your pocket and others not so much.5 min read</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nEvery major change you need to know about before July 1The end of the financial year is set to trigger huge money shake-ups — some helping your pocket and others not so much.5 min read\n</h2>\n\n<h4 class=\"meta\">\n\n\n2026-06-29 00:00 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://7news.com.au/news/minimum-wage-tax-cuts-and-paid-parental-leave-the-major-financial-changes-coming-july-1-c-22503013><strong>7NEWS</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>The new financial year is just one sleep away, with July 1 to usher in a huge suite of reforms that will impact millions of Australians.From tax cuts and deductions, to Payday Super and the minimum ...</p>\n\n<a href=\"https://7news.com.au/news/minimum-wage-tax-cuts-and-paid-parental-leave-the-major-financial-changes-coming-july-1-c-22503013\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"MLS.AU","symbol_name":"Metals Australia","start_time":0,"source_url":"https://7news.com.au/news/minimum-wage-tax-cuts-and-paid-parental-leave-the-major-financial-changes-coming-july-1-c-22503013","article_id":"2647370804","we_media_id":null,"thumbnails":[],"rights":{"source":"7news_stock","url":"https://7news.com.au/news/minimum-wage-tax-cuts-and-paid-parental-leave-the-major-financial-changes-coming-july-1-c-22503013","rn_cache_url":null,"directOrigin":true},"url":"https://stock-news.laohu8.com/highlight/detail?id=2647370804","pubTimestamp":1782662400,"columns":[],"sourceInfo":{"source_id":"7news_stock","name":"7NEWS"},"weMediaInfo":null,"summary":"The new financial year is just one sleep away, with July 1 to usher in a huge suite of reforms that will impact millions of Australians.From tax cuts and deductions, to Payday Super and the minimum wa","collect":0,"end_time":0,"defaultTopTitle":"7news.com.au","property":[],"viewcount":null,"language":"en","relate_stocks":{"MLS.AU":"Metals Australia","BK7104":"黄金"},"translate_title":"7月1日财年结束之前您需要了解的每一项重大变化都将引发巨大的资金变动——有些会帮助您的口袋，而另一些则不会。5分钟阅读","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"MLS.AU":1},"content_text":"The new financial year is just one sleep away, with July 1 to usher in a huge suite of reforms that will impact millions of Australians.From tax cuts and deductions, to Payday Super and the minimum wage, big change is just around the corner.Here is how it will impact your hip pocket.Know the news with the 7NEWS app: Download today ArrowTax cutsEvery Australian is in line for a tax cut of up to $268 from July 1, 2026, and up to $536 in another 12 months’ time.It comes off the back of the 16 per cent tax rate on income between $18,201 and $45,000 being reduced to 15 per cent from Wednesday.The rate will then be trimmed to 14 per cent from July 1, 2027$1000 instant tax deductionThe $1000 instant tax deduction, a 2025 election promise, will come into play at tax time in 2026-27, allowing more than six million workers to reduce their taxable income without the need to back it up with receipts.The average taxpayer is expected save about $205 and the government said the change will make the tax system simpler.Be the first to know: Add 7NEWS as your preferred news source on GoogleBut, critically, it is not a government handout.“Many people hear ‘$1000 deduction’ and assume they’ll receive $1000 back in their tax refund, which isn’t how it works,” H&R Block tax communications director Mark Chapman told 7NEWS.com.au.“A deduction reduces your taxable income, not the amount of tax you get back directly.”Minimum wage increaseThe national minimum wage will increase by 6 per cent to $26.44 per hour.It works out to $1004.90 for a 38-hour work week, before tax.This is the first time Australia’s minimum weekly wage has cracked $1000, and the increase will apply from the first full pay period starting on or after July 1, 2026.The minimum wage is the base rate for adult employees not covered by an award of enterprise agreement.Meanwhile modern award-reliant workers — who the government said predominantly work part-time hours and are in female-dominated industries — will see an increase of 4.75 per cent.Almost three million Australian workers will receive a pay boost under the changes.Centrelink benefitsSome Centrelink benefits will increase under the latest round of indexation.Maximum payment rates will rise for families receiving Family Tax Benefit A (increasing to $235.48 a fortnight for each child aged under 13 and to $306.46 per fortnight for each child aged 13 and over).The maximum rate under Family Tax Benefit B will rise to $200.34 per fortnight for families with a youngest child under five, and to $139.86 per fortnight for families whose youngest child is aged five or older.Medicare levy surcharge Australians earning over a certain amount but are who not covered by adequate private hospital cover have to pay the Medicare levy surcharge (MLS).From July, a single person can earn up to $105,000 (up from $101,000) and families $210,000 (up from $202,000) before they have to cough up.The MLS is in addition to the Medicare Levy, which is about 2 per cent of a person’s taxable income.Paid parental leavePaid parental leave will increase by 10 days to a total of 130 days, or 26 weeks, with payments also increasing to $1004.90, in line with the new minimum wage.From July 1, the number of days for partners will also increase under the government-funded scheme from 15 to 20 days.Families accessing the full entitlement will receive almost $30,000 across their paid leave, the government said.Payday SuperEmployers will soon be required to pay their workers’ superannuation at the same time as salary and wages.Payday Super should benefit the retirement incomes of millions of Australians — a 25-year-old median income earner is tipped to be about $6000 better off when they call time on their career — and make it harder for them to be exploited by dodgy employers who fail to pay up each quarter.The Australian Taxation Office estimated about $3.4 billion worth of super was unpaid in 2019-20.The concessional contributions cap will also increase to $30,000 to $32,500, while the non-concessional cap will rise from $120,000 to $130,000.Tax on large super balancesConcessions on large super balances are being reduced.Australians with more than $3 million in their nest egg will be taxed at 30 per cent instead of the usual 15 per cent, and any money made from balances over $10m will be taxed at 40 per cent.These thresholds will be indexed in line with CPI.Fuel exciseCuts to the fuel excise will be gone within weeks.A three-month cut to the excise was announced in March, saving drivers 32 cents per litre on petrol and diesel, as the US-Iran war put pressure on supplies.That temporary relief will be halved to 16 cents from July and expire completely on August 2.New anti-scam protections for text messageSome text messages are set to look a bit different amid a crackdown on scams.Businesses that send branded text must ensure their sender ID is included on the new SMS Sender ID Register.Messages sent using unregistered branded sender IDs, including business or organisation names, will appear on mobile phones labelled as “unverified”.Australians lost close to $18 million to text scams in 2025.Supermarket price gouging rules kick inNew legislation prohibiting price gouging will start Wednesday.It will ensure large supermarkets do not charge a price for a grocery product that is significantly excessive compared with the cost of supply, plus a reasonable margin.The law comes into effect at a time when Australia’s major supermarkets are under scrutiny for their pricing practices.Instant asset write-off extendedThe federal government will permanently extend the $20,000 instant asset write-off scheme for some businesses. It means small businesses with a turnover below $10m will be able to deduct the cost of eligible assets worth less than $20,000.Warning as millions of Australians prepare tax claims3 min readMillions of Aussies warned ahead of key tax date: ‘Penalties, audits or worse’3 min read","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":false,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"}}}