The Daily Aus New financial year, new rules
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Jul 1, 2025 As the new financial year kicks off in Australia, significant changes are underway. Superannuation contributions rise from 11.5% to 12%, impacting millions. Wage increases will boost take-home pay, benefiting many workers. There’s also new financial support for students in health and education fields during their placements. Additionally, recent laws enhance protections for renters and introduce stricter regulations in the tobacco industry. Lastly, Tasmania is focusing on transparency in political donations ahead of elections.
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Superannuation Guarantee Increase
- The superannuation guarantee increased from 11.5% to 12%, adding more to retirement funds without affecting take-home pay.
- This change benefits long-term savings but won't impact your immediate income unless your salary includes super.
Minimum Wage and Award Pay Rise
- Minimum wage rose by 3.5% to $24.95 an hour, increasing weekly earnings by about $30.
- Over 3 million people on award wages across various industries will also see pay rises.
Small Business Asset Write-Off Change
- Instant asset write-off threshold for small businesses dropped from $20,000 to $1,000.
- Small businesses earning under $10 million must depreciate assets over time instead of immediate deductions.