From today, July 1. there are changes pertaining to tax thresholds, child care subsidies, superannuation, penalty rates, minimum wages, and much more. Here’s what you may need to know.
Australians will look at a raft of changes as we enter a new financial year on Monday, July 1.
The new set of changes will affect almost everyone including individuals, families, workers, business owners and even retirees.
Combined annual family income is one of the parameters that determine the amount of Child Care Subsidy a family is entitled to.
From July 1, the subsidy will be contributed based on a family's combined income with the following thresholds:
• Up to $68,163 — 85 per cent
• More than $68,163 to $173,163 — down to 50 per cent
• $173,163 to $252,453 — reducing to 50 per cent
• $252,453 to $342,453 — reducing to 20 per cent
• $342,453 to $352,453 — 20 per cent
• $352,453 or more — 0 per cent
And more…
The full story is available on the podcast above.
