Money & Banking
Everything you need to know about the new laws starting from July 1
The new financial year is upon us, and as the mid-year milestone creeps closer, many big changes are also being introduced.
Here’s what’s happening on July 1, 2020.
Sport kick offs
From July 1, all community sports teams will be able to resume in NSW as the state continues to wind back coronavirus restrictions.
The rule change means all full-contact sport can start back up and food stalls and sport facilities will also reopen.
Children’s sports will also get underway again.
Tougher laws on phone use
Drivers in WA who are caught using their phone behind the wheel will face a maximum on-the-spot fine of $1000 and four demerit points from July 1.
The tough measures will apply to motorists found to be texting, using social media, watching videos, emailing or using the internet while driving.
Childcare shake up
Parents will no longer be entitled to free childcare, with the government scrapping the emergency free childcare package introduced at the height of the coronavirus outbreak from July 13.
From July 20, the JobKeeper wage subsidy will no longer be available to the industry.
Instead the $1500-a-fortnight payments, which were paid to around 120,000 childcare employees, will be replaced with a $708 million transition package – which might represent less cash than JobKeeper.
Working from home expenses
Earlier in the year, in order to make it easier for those who are working from home due to the pandemic, the ATO allowed people to claim a rate of 80 cents per hour for all their running expenses. But if you’re still working from home, from July 1, the claiming of expenses will revert back to the previous methods.
The Workers’ Compensation and Rehabilitation and Other Legislation Amendment Act 2019 was passed by the Queensland parliament last October, but a few new rules will commence from July 1.
From that date, self-insured employers will be required to report injuries and any payments made to workers to their insurer.
Workers’ compensation coverage will also be applicable to unpaid interns.
Flexibility for older Australians
From July 1, those aged 65 and 66 will be allowed to make voluntary concessional and non-concessional super contributions without meeting the work test.
Also, the non-concessional contributions rule will be lifted to 67 and those up to age 75 will be able to make spouse contributions.
This allows older Aussies to make contributions to their superannuation, even if they are already retired, and give older Australians greater flexibility to save for retirement.
From July 1, the temporary COVID-19 early release of superannuation will not be available to temporary residents.
Eligible Australian and New Zealand citizens and permanent residents can apply for up to $10,000 from July 1, 2020 until September 24, 2020.
Welfare recipients get discount on fines
The NSW government will be cutting fines in half for those who are receiving benefit payments from the government.
The discount applies to anyone on Centrelink, including Aussies on JobKeeper or Jobseeker.
The changes will come into effect on July 1.
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