The new financial year brings with it many money changes

It’s the end of the financial year, and the beginning of a many money changes …

The new financial year brings with it many money changes

The new financial year brings with it many money changes, such as superannuation changes, new taxes and price increases. Here are the ones that may affect you starting 1 July.

Changes to super
If you’ve been following YourLifeChoices, then these changes will come as no surprise to you, as we’ve been reporting on them since they were announced. The $1.6 million transfer cap, end of tax exemptions and reduction of concessional caps and non-concessional contributions are the ones that will affect most of you. For Debbie’s comprehensive breakdown of the changes, read Time to review your super?

Power prices to soar
From 1 July, New South Wales, South Australia and Queensland residents will see their power prices increase by up to 20 per cent. But the hardest hit will be ACT residents, with their combined electricity and gas bills expected to increase by around $580 per year. Victoria and Tasmania operate under different tariffs with increases already in place.

Netflix tax
All purchases of international digital products and services will carry an extra 10 per cent levy designed to even the playing field for local businesses.

Minimum wage increases
For those of you still working, the national minimum wage is set to increase by 3.3 per cent – the biggest pay-rise for low-income workers in six years.

Bulk billing incentives
Since the Federal Government unfroze the Medicare rebate in last month’s Budget, there will be extra incentives for patients to be bulk billed. The move means doctors receive a slight pay rise, but the rebate for standard doctor visits won’t kick in until July 2018 and specialists until 2019.

Cheaper medicines
A deal with pharmaceutical companies means that some generic medicines will be less expensive.

More taxes for property investors
Some state and federal changes will mean that local and foreign property investors will cop more taxes and surcharges. From 1 July, the Foreign Investor Surcharge Duty in NSW will be doubled from four per cent to eight per cent, and the annual land surcharge for foreign buyers will rise from 0.75 per cent to two per cent a year. While in Victoria, off-the-plan stamp duty concessions for non-residing home buyers will affect local and foreign property investors.

Will you be affected by any of these changes, either directly or indirectly?

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    COMMENTS

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    Pass the Ductape
    30th Jun 2017
    11:16am
    From what I can work out, most GP's are prone to receiving between $200,000 and $300,000 a year.

    Taking the middle figure of $250,000 - divided by 52 = a weekly average of around $4,800.

    Assuming a GP sees an average of 4 patients an hour x 8 hours a day = 32 patients per day = 160 per week, and the $4,800 is then split between the 160, this equates to around $30 per patient, or alternately, $120 an hour.

    Considering a plumber or an electrician usually attempts to charge the same amount, Is it no wonder so many of our health professionals go down the specialist road.
    bobbalinda
    30th Jun 2017
    3:12pm
    Also take into consideration the uni fees to become a doctor are much more than for a plumber or electrician who usually charge their fee just to arrive then charge more per 15 minutes I have no problem with a good doctor charging their fee
    btony
    30th Jun 2017
    8:01pm
    What about all pensioners living in public housing.
    We got $75 for the cost of rising electricity prices , thanks to Nick 2 hats, Mal and Scott, and what happens? Greedy Glady and Dom whatshisname take 20% of that in a rent increase,I thought Glady has $4.5 billion in her purse, she must really need our $15 .00 a year.
    Just plain mean and lousy.
    Retired Knowall
    1st Jul 2017
    8:54am
    Get a job.