Several new laws have gone into effect this new fiscal year. What are they and how will they affect you?

The new fiscal year is here.

If that wasn’t enough to make you cringe, a number of policy changes have gone into effect as of today.

This is what they are and how they will affect you.

The national minimum wage has increased

Starting today, Australia’s minimum wage will officially be $21.38 per hourfollowing a decision by the Fair Work Commission to increase wages by 5.2 percent.

In total, this works out to be $812.60 per week.

your super has increased

The super guarantee, the share of wages that employers must contribute to their workers’ retirement savings, has increased by half a percent annually, before reaching a final value of 12 percent by 2025.

This means that the retirement guarantee has increased to 10 percent and will rise 0.5 percent annually.

Under previous retirement agreements, if a person earned less than $450 a month from an employer, they were not entitled to receive the retirement guarantee.

You can save for your first home using your super fund

An existing scheme that allows a first-time homebuyer to tap into their retirement to help buy a home is being slightly expanded.

The First Home Super Savings (FHSS) The scheme started in 2017 and aims to help buyers boost their savings for a deposit.

You can contribute to your super using the sale of your house

Starting today, if you are 60 years or olderyou can contribute up to $300,000 from the proceeds of the sale of all or part of your home in your retirement fund.

Previously, downsizing contributions were only available to people age 65 and older.

Some of the eligibility criteria you must meet are:

  • The home must be in Australia, owned by you or your spouse for at least 10 years, and the disposition must be exempt or partially exempt from capital gains tax.
  • You have not previously made a downsizing contribution to your pension from the sale of another home or from the sale of part of your home.

Your energy bill will increase

One more thing to add to the list of things that put pressure on your expenses: your next energy bill.

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