This time, the Australian Tax Office has identified capital gains, including cryptocurrency assets, as one of its key focuses this year.
This is one among a number of taxation changes coming into effect from July the 1st.
Assistant Commissioner of the Australian Tax Office Tim Loh says among the changes are super funds.
Highlights
- The super guarantee rate will increase from 10 per cent to 10.5 per cent
- Australians will receive a one-off $420 cost of living tax offset
- Jobseeker will be moved onto a points-based activation system
The super guarantee rate will increase from 10 per cent to 10.5 per cent, meaning employers will need to use the new rate to calculate super payments for all pay periods on or after July the 1st, even for work done before that date.
And from the 1st of July if you are aged 60 or older, you may be eligible to make a so-called 'downsizer' contribution from the proceeds of the sale or part-sale of your home, of up to $300,000 to a complying superannuation fund.
Previously, you had to be 65 years or older to make the downsizer contribution. Also from July 1st, more than 10 million Australians will receive a one-off $420 cost of living tax offset.
The offset is a reduction to an individual's taxable pay, and will be added to the existing low and middle income tax offset.
The minimum wage is also set to rise by 5.2 per cent to $21.38, amounting to a weekly pay increase of $40 per week based on a 38-hour week for a full-time employee.
There is also an increase in the childcare subsidy.
Families with more than one child aged five years or younger will receive a higher rate of the Child Care Subsidy, also known as the C-S-S, for their second and subsequent children.
There are also major changes to the Jobseeker program.
Those on JobSeeker who currently need to apply for 20 jobs every month to receive payment will be moved onto a points-based activation system ((PBAS)).
Those affected will have to receive 100 points and do a minimum of five job searches per month to receive payment.
The list of over 30 tasks and activities each carries their own points value.
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