Bills, taxes and thresholds: what will change for taxpayers on July 1

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佛山桑拿

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With likely repeal of carbon tax bill under a new Senate, the Federal Government estimates electricity prices will fall by 9 per cent but rising network costs – typically comprising over half a power bill – could gobble up any savings.SuperannuationSuper guarantee (compulsory employer contributions) rises from 9.25 per cent to 9.5 per cent. Contributions caps rise.Work12-month pay freeze for MPs, departmental secretaries and public office holders begins.National minimum wage rises 3 per cent – or approximately 50 cents an hour – to $16.87 per hour to $640.90 per week.Expanded work for the dole program begins.Up to $10,000 payments will be made available for businesses hiring workers aged 50+.Business activity statements cease for electronic lodgers.Health insurancePrivate health insurance income thresholds rise.Medicare levy rises from 1.5 per cent to 2 per cent to fund National Disability Insurance Scheme (DisabilityCare).Aged and disability careNew nursing home residents to have assets included in calcatuions for fees payable for care and living expenses.Aged care subsidies for home and residential care providers and community programs increase.High and low care services can charge residents a means-tested fee of up to $25,000 per year.National Disability Insurance Scheme trials begins in the ACT, WA and NT.Higher indexation of the Defence Forces Retirement and Benefits schemes.Other chargesTemporary debt levy is introduced, with 2 per cent charge on taxable income above $180,000.