Superannuation changes, childcare relief, pay rises, and an increase to the pension age — here's what's happening on 1 July.
— the minimum amount of superannuation your employer legally has to pay you — will increase from 10.5 per cent to 11 per cent.
Older Australians will be able to move $200,000 more into a tax-free retirement phase income stream — an alternative to withdrawing super as a lump sum — with the amount rising from $1.7 million to $1.9 million. But a temporary 50 per cent reduction on draw down rates will come to an end, which means those using an income stream will be required to withdraw more of their super each year.Minimum and modern award wages will rise by 5.75 per cent, although the increase will actually be 8.6 per cent for those on the minimum wage due to a technical change.
Older Australians will have to wait until they are 67 years old — up from 66 years and six months — before they can apply for the age pension.
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