While we might hear about new laws throughout the year, often they aren’t scheduled to kick in until either a new year or a new financial year.
And with today marking the beginning of the 2024-25 financial year, it’s the day a bunch of new rules apply.
Here’s a quick wrap of some of them.
New Australian tax brackets
Australia’s tax brackets have changed.
These laws were introduced as part of what was called the “Stage Three Tax Cuts” and were passed way back in February
This shake-up will mean a slight reduction in the amount of tax some 13.6 million Australians pay — something they should see reflected in their next pay cheque.
But this won’t affect tax returns this year, because it only applies to taxable income earned from today.
You can see how much you’ll save under the changes by using the calculator below.
Here are the new tax brackets at a glance:
- Earn up to $18,200 — pay no tax
- Pay a 16 per cent tax rate on each dollar earned between $18,201–$45,000
- Pay a 30 per cent tax rate on each dollar earned between $45,001–$135,000
- Pay a 37 per cent tax rate on each dollar earned between $135,001–$190,000
- Pay a 45 per cent tax rate on each dollar earned above $190,000
Restrictions on who can buy and sell vapes
As of today, people will only be able to legally buy a vape containing nicotine if they have a prescription.
And that’s only from pharmacies.
But legally accessing vapes is set to be much easier in a few months.
Because, from October 1, pharmacies can sell vapes containing nicotine to anyone over 18 years old.
People under the age of 18 will need a prescription from their doctor.
However, some major pharmacies have already said they won’t be selling vapes.
Engineered stone ban
From today, the use, supply and manufacture of engineered stone will be banned in all states and territories.
This applies to engineered stone benchtops, slabs and panels.
It doesn’t affect porcelain and sintered stone products, as well as finished engineered stone products that don’t need to be processed or modified like jewellery and kitchen sinks.
While the federal government had full support from each state and territory when the ban was announced in December, It came down to the individual jurisdictions to ban the material.
Tap the link below to be taken to government information about the ban for your state or territory.
Industrial manslaughter offence introduced
As of today, the Work Health and Safety Act 2011 will include an industrial manslaughter offence.
It carries a maximum penalty of 25 years’ prison for individuals and $18 million fines for bodies corporate or the Commonwealth.
This is part of the federal government’s Closing Loopholes Act from last year.
However, most states and territories already had some form of this law.
NSW and Tasmania were the two jurisdictions lagging on this front, but similar laws passed in NSW and Tasmania in June.
Student visa changes
As of today, people on Temporary Graduate, Visitor or Maritime Crew visas won’t be able to apply for a Student visa while they’re in Australia.
This is part of the federal government’s Migration Strategy, and was created to restrict so-called “visa hopping” on the Student visa program.
“Visa hopping has contributed to a growing cohort of ‘permanently temporary’ former international students living in Australia,” a Department of Home Affairs statement said.
“These changes, combined with other measures, will help to close this loophole and put an end to this practice.
“Temporary Graduate Visa holders should depart Australia, or find skilled jobs and/or other visa pathways, including those that may lead to becoming permanent residents of Australia. Visitor visa applicants who intend to study will be required to apply for their Student visa from offshore.”
Skilled worker visa changes
From today, people on the following visas who stop working for their sponsor employer will have more time to find a new sponsor or apply for a different visa.
- Temporary Work (Skilled) visa (subclass 457)
- Temporary Skill Shortage visa (subclass 482)
- Skilled Employer Sponsored Regional (provisional) visa (subclass 494)
They’ll have 180 days at a time or a maximum of 365 days in total across the entire visa grant period to either find a new sponsor or get on a new visa.
During this time, they’ll be allowed to find other employment — even in occupations that aren’t listed as part of their approved sponsorship nomination.
A Department of Home Affairs statement said this measure was put in place to help tackle worker exploitation
“This will ensure that visa holders can support themselves while they look for a new sponsor,” it said.
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