Starting July 1…
News for the new (financial) year.
July 1 onwards, a whole range of Coalition policies come into effect. Take three minutes to find out what this means for you:
PERSONAL INCOME TAX REFORM: Your hard work and your effort should be rewarded.
We believe that the money you earn is yours, not the Government’s. July 1 is a significant day because it’s the beginning of our seven-year Personal Income Tax Plan.
We want taxes to be lower and simpler.
Low and middle-income taxpayers will be eligible for a refund of up to $530 in their 2018/19 tax return. For a family — say a nurse and school teacher — that extra $1000 paid as a lump sum with your tax refund next year will make a real difference.
Want to know what your tax relief will be under our plan? You can use this calculator here.
We think aspiration should be rewarded — under our Personal Income Tax Plan, you should feel confident to get a job, and then get a better-paying job.
NEW CHILD CARE SYSTEM: More funding for child care, rolling out a simpler system for your family.
We understand how much of a burden the cost of childcare is on Australian families. Our new system starts July 2 — and will benefit nearly one million families.
From July 2 the ParentsNext program will commence a national roll out. Parents Next helps parents of young children to plan and prepare for employment by the time their children go to school.
HEALTH: Guaranteeing essential services
Getting life-saving and life-changing drugs on the PBS is one of the most significant ways we can help ease the cost of living for Australians.
Other important health policies coming into effect include:
A whooping cough vaccine will be available for pregnant mums.
‘No Jab No Pay’: Family benefit payments reduced by up to $737.30 per year for every child not meeting immunisation or health check requirements as required.
TAX RELIEF FOR SMALL, MEDIUM and FAMILY BUSINESSES
From July 1 about 4000 small, medium and family businesses will also be better off so they can invest, grow and employ more Australians.
Businesses with a turnover of greater than $25m and less than $50 million — businesses that already employ about 400,000 Australians — will have their tax rate cut to 27.5%.
The Instant Asset Write Off Scheme continues: Small business will also be able to immediately deduct purchases of eligible assets costing less than $20,000.
FIRST HOME OWNERS
And first home buyers will also get a hand up from today, with our First Home Super Saver Scheme giving them the ability to withdraw voluntary contributions of up to $15,000 per year and $30,000 in total from their superannuation to purchase a home.
We will continue to deliver on our plan for lower taxes, more jobs, and a stronger economy. We are guaranteeing the essential services — schools, child care, hospitals, infrastructure — that Australians need, and working to ease the cost of living.