All The Changes From July 1!

ALL THE CHANGES FROM JULY 1!

Welcome one and all, to the 2024/25 financial year! Ordinarily there’s just a few minor changes, but this year, there’s a lot more. So, in this super-duper blog we’ve got you covered on all the changes that have kicked into gear from July 1. Let’s get into it.

Stage 3 Tax Cuts

This one has been in the works for what feels like forever, but they are coming into effect now.  

It will, effectively, see more money into your pocket on every pay check rather than a big lump sum, but hey, that’s still more money in your pocket, you can’t sneeze at that!  

Minimum wage increases

If you process your own payroll, this one is just a reminder for you. The minimum wage has increased by 3.75%, up from $23.23 to $24.10 per hour. So, it’s important you make these adjustments to your awards so you’re in line with the new wage there.  

Superannuation Guarantee

Another one that’s important to be aware of and adjusted accordingly! The super guarantee is increasing from 11% to 11.5% this year, before going up another 0.5% on July 1, 2025 to 12%. Be sure to check your payroll software has upped this automatically on your next payrun!  

Energy Bills

Good news everyone! As said in the May budget, over 10 million households will see $300 taken off their energy bills. Now it won’t be a lump sum, but credits applied quarterly to your bill.

Small businesses don’t miss out here either. They’ll be given $325 off their energy bills in the same way households are. Nice!  

Paid Parental Leave

Eligible parents in this space will see an increase in the amount of leave available to them. From July 1, parents will be eligible for 110 days leave, up 10 days from the previous. There will also be another increase in the next two years, but we’ll get to those when they come into play.  

Tax Brackets

You may have seen these ones already, but we’re making sure you see them again! There are now new tax brackets in play and we’ve got a handy little graphic below for you to view to see where you sit.

These will also provide some differences when it comes to your tax return this upcoming year, so make sure to get in touch with your accountant (or reach out to us!) and they can give you a little more in-depth knowledge there.  

That’s it! In that short little span, you’re all up to date with the goings on from July 1. Of course, if you want some more info, need clarification or if you want to chat about how we might be able to help you and your business this year, give us a buzz on 03 9787 6872 or shoot us an email at admin@illumin8.com.  

Happy new financial year and let’s get cracking!