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End of fiscal year, EOFY: All changes will take place in Australia on 1 July

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The new financial year is just around the corner, which means new rules are on the way that may cost you. Here’s what you need to know.

The new financial year is approaching – which means that a number of huge changes are imminent.

The new fiscal year begins on July 1, and it is an important milestone in the middle of the year that brings with it many major changes, such as new laws and regulations, fees and charges, taxes and benefits.

Here’s what you need to know by July 1, 2022.

Centrelink will be shocked

A major restructuring of Centrelink is approaching, which means big changes for those participating in the JobSeeker program.

From July 1, recipients who are required to meet mutual obligations to receive social benefits will be transferred to the points-based activation system (PBAS).

Victims will be required to receive 100 points and do a minimum of five job searches per month to secure payment.

There is a list of more than 30 assignments and activities, each of which has its own score in individual points, with attending an interview worth 20 points and filling out a job application worth five.

PBAS will replace the current system, where applicants must apply for 20 vacancies each month.

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Electricity costs will rise

Next month, millions of families will see their electricity costs rise after energy oversight raises prices hundreds of dollars a year.

The Australian energy regulator (AER) will give a significant increase in the reference price for electricity – this means that bills will rise in July by 18.3% in New Wales, 12.6% in Queensland and 9.5% in South Australia.

The comparison site Finder urged Australians to go shopping before July 1 to avoid a shock with the bills.

“You have two different types of energy plans on the market: those that offer fixed tariffs for a certain period (for example, 12 months) or others that have variable tariffs,” said Energy Finder expert Mariam Gabaji.

“If you don’t like to switch often from plans to electricity in search of the cheapest variable rates, you’re more likely to take advantage of a fixed-rate plan.”

Super change

From July 1, the percentage of super-guarantees will increase from 10 percent to 10.5 percent, which means that employers will have to pay extra money to the super accounts of their employees.

Next month, the monthly minimum wage threshold of $ 450 to qualify for Super Guarantee employer contributions will also be abolished, meaning that all workers – except children under 18 who work less than 30 hours a week – must receive superpayments , no matter how small they are. to earn.

And in July, those aged 60 and over will be able to make contributions of up to $ 300,000 per person or $ 600,000 per couple to their super-account through a so-called “reduction measure” as long as they are eligible.

Major state changes

After the victory of Labor in the election on July 1, a number of departmental and administrative changes come into force.

From this date, a new Department of Employment and Workplace Relations will be established, which will provide public relations in the workplace, jobs, skills and training.

A new Department for Climate Change, Energy, Environment and Water Resources will also be established, while the Department of Health will be renamed the Department of Health and Nursing and the Department of Infrastructure, Transport, Regional Development and Communications will be renamed the Department. infrastructure, transport, regional development, communications and the arts.

The Department of Finance will take responsibility for data policy, including the Digital Transformation Agency, as well as deregulation, and the Home Office will take responsibility for disaster response and mitigation, including the National Agency for Recovery and Sustainability.

The Attorney General’s portfolio will also be held accountable for enforcing criminal law and policy, including the Australian Federal Police.

Immigration

Holders of subclass 482 short-term temporary skills shortage (TSS), who worked in Australia during the pandemic, will have access to Australia’s new way of permanent residence from 1 July.

From now on, TSS visa holders will be able to apply for permanent residence through the Temporary Residence Flow (TRT) under the Employer Nomination Scheme of Subclass 186 (ENS).

Applicants must be in Australia for the period from 1 February 2020 to 14 December 2021 for at least one year and must meet all other requirements for nomination and visa for the TRT visa flow ENS.

Free medicine

From July, the PBS Safety Net threshold for concession cardholders will be lowered to $ 244.80.

This means that discounted card holders will receive their PBS medication for free if they reach a lower threshold.

Car prices are jumping

The change in the luxury car tax threshold means that next month the threshold for fuel-efficient cars will be increased by 6.6 percent to $ 84,916.

For all other vehicles, it rose 3.9 percent to $ 71,849.

Child care relief

The so-called “united families” – if both members of the couple receive a childcare subsidy for different children in their family – from July will be automatically paid a larger subsidy.

Any major subsidy to which these families were entitled between March 7 and July 2022 will be paid.

Telstra customers are squeezed out

From next month, prices for the Telstra mobile plan will rise in line with the consumer price index.

This means that the cost of major and major plans will increase by $ 3 per month, while premium plans will jump by $ 4.

However, TV channels noted that there may be additional increases, saying that “prices for the plan will include an annual review and may increase annually.”

Originally published as All the changes will take place in Australia in the new fiscal year on 1 July

https://www.cairnspost.com.au/business/all-the-changes-coming-to-australia-in-the-new-financial-year-on-july-1/news-story/293923c49096dfc50a532d89492c0749

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