Australia’s Financial Year Begins with New Laws and Tax Changes

As Australians usher in the start of the 2024-25 financial year, a series of new laws and tax changes have come into effect across the country. Prime Minister Anthony Albanese and Treasurer Jim Chalmers are highlighting significant adjustments, including the implementation of stage three tax cuts, impacting millions of taxpayers.

One of the prominent updates is the alteration in tax brackets, designed to alleviate the tax burden for approximately 13.6 million Australians. The Stage Three Tax Cuts aim to reduce the amount of tax paid by individuals, providing an average taxpayer with an annual benefit of $1888 or $36 per week.

Moreover, a pivotal change in legislation restricts the sale of nicotine-containing vapes in Australia. Effective immediately, the purchase of such devices is only permissible with a prescription from pharmacies. However, starting on October 1, pharmacies will be authorized to sell nicotine vapes to individuals above 18 years without the need for a prescription.

Additionally, a ban on certain hazardous materials has been enforced, impacting the engineering stone industry. The ban specifically targets engineered stone products like benchtops, slabs, and panels due to health concerns. This prohibition, introduced earlier with unanimous support from all states and territories, is now officially in effect.

Moreover, amendments to the Work Health and Safety Act 2011 come into force, with severe penalties of up to 25 years in prison for individuals and hefty fines for corporations. This legislative change, part of the federal government’s Closing Loopholes Act, aligns with existing laws in most states and territories.

Furthermore, visa regulations have been updated, aiming to prevent individuals on Temporary Graduate, Visitor, or Maritime Crew visas from abusing the system. The restrictions prohibit these visa holders from applying for a Student visa while in Australia, thereby curbing visa hopping and promoting more sustainable immigration practices.

Lastly, changes to employer sponsorship visas provide greater flexibility for individuals seeking new opportunities. Those on specified visas now have up to 180 days or a total of 365 days to secure alternative employment or pursue a different visa if they cease working for their sponsor employer.