Good morning, good afternoon and good evening, fellow pennypinchers. It's the start of a new year and I think it's about time I did a repeat of my previously popular round-up post back in 2019.
Let's take a look at some of the new changes in Australian legislation to see what's going to impact you (financially) this year. Here are the most relevant things you'll want to know:
Freebies and rebates that you don't want to miss out on.
NSW Parents of kids between 4.5 and 18 years old are eligible for Active and Creative Kids Voucher. The voucher's available twice a year and can be used for eligible sporting or creative activities.
Northern Territory Learn to Swim vouchers for children under 5 years old. The program gives your child two $100 Learn to Swim vouchers each year - one in January and one in July. Kid must not be enrolled in transition or school.
Queensland: Free Kindy for all QLD Kids. Kindy is 15 hours per week, 40 weeks per year and is free for Queensland children attending a government-approved kindergarten program from 1 January 2024.
Queensland: Free $150 FairPlay Voucher for kids aged 5-17 starting 24 Jan, which lets you spend them on sports and active recreation. You'll need to hold a Services Australia (Centrelink)Health Care Card or Pensioner Concession Card with the child’s or young person’s name on it; or get referred under the referral process outlined in clauses 4 or 5.
ACT: Free Three-year-old preschooling. Free three-year-old preschool is now available to all Canberra families for 300 hours per year. This investment will provide a saving of $1,329 for the average family with a three-year-old.
QLD: Compost Rebate Program for Brisbane. Rebate for compost bins and worm farms is now $100. $200 rebate if you install a waste dehydrator system or in-sink food disposable system.
Higher Education
The HECS Help loan limit has been increased. For 2024, the HELP loan limit is $121,844 for most students. The limit for students studying medicine, dentistry and veterinary science courses leading to initial registration, or eligible aviation courses with census dates in 2024 is $174,998.
For 2023, the HELP loan limit was $113,028 for most students.Also, Pass rate requirements to access Commonwealth assistance has been scrapped. In 2023, students previously had to pass half their units in order to maintain access to the HECS-Help assistant.
However, pass rate requirements for students undertaking units of study through Open Universities Australia (OUA), that do not form part of a course, are still in place. This means they will not be eligible for FEE-HELP assistance where they have undertaken 8 or more units and failed more than 50 per cent of those units.Mobile phones banned in South Australian schools, too. That follows VIC, WA, and NT.
Travel
Passport fees have increased according to the standard inflation price indexing that happens every 1 Jan.. The cost of applying for a new "R" series passport (which is now laden with tonnes of security features) starts at $346 for people over the age of 16 or $175 for a 5 year passport for Aussies under the age of 16 or over 75.
Motoring
NSW: From April 2024 eligible motorists can claim a rebate of up to $340 if they spend more than $60 a week on tolls. Check the Service NSW website to see if you are eligible.
NSW and South Australia: No more Electric vehicle rebates. Starting 2024, you will no longer be able to claim the $3000 rebate for your brand new electric car purchase. If you bought before the start of the year, or have placed a deposit, you can still claim the rebate.
Home and Garden:
Victoria: No more gas. Starting this year, all new homes in VIC can no longer connect to gas networks.
ACT Plastic bags banned: Climate Choices.gov, thick plastic shopping bags with a thickness of greater than 35 microns are now also banned. This follows a similar ban on the sale, supply and distribution of single use dinnerware, expanded polystyrene trays and micro-beads in personal care items.
Healthcare and Vaping
Updates to Medicare Safety Nets thresholds. According to the Canberra Times, "The threshold for Medicare safety nets designed to help people lower out-of-pocket Medicare expenses will also go up. Under the scheme, once a person spends a certain amount on medical services, Medicare gives you a higher amount back. The original Medicare safety net will increase from $531 to $560 in the new year, while the extended Medicare safety net will increase from $2414 to $2544."
From the Department of Health and Aged Care. Complete ban and crackdown on the importation of disposable single use vapes. That basically means you'll no longer be able to import any vapes (irrespective of nicotine content or therapeutic claims). Only prescription vapes can be imported into the country and accessible via pharmacies or doctors (e.g ones designed to help people quit). New rules also limit packaging, flavours and advertising.
Medicare Benefits Schedule got expanded, and includes medicare subsidised telehealth, vaccine, pathology and diagnostic imaging services. Also, COVID-19 antivirals can be prescribed over the phone.
Taxes and Finance
Large companies look out for the tax man: Implementation of a global minimum tax and a domestic minimum tax. In short, major multinational companies will need to pay a minimum tax rate of 15% for their domestic subsidiaries.
Superannuation is now a right under the National Employment Standards. This means underpaid / unpaid superannuation could be enforced under the Fair Work Act or via courts.
Land Taxes in Victoria implemented. Victorians with second homes or investment properties will pay a new flat rate tax of up to $975, plus an additional levy on the value of their land. This is a temporary (10 year) surcharge intended to repay the COVID debt.
For taxable landholdings between $50,000 and $100,000 — a $500 flat surcharge will apply
For taxable landholdings between $100,000 and $300,000 — a $975 flat surcharge will apply
For taxable landholdings over $300,000:a $975 flat surcharge
and an increased rate of land tax by 0.10 percentage points.Good news for seniors and vets still in the workforce: you're getting a permanent Increase of the Work Bonus Bank. Those on Service Pension, Income Support Supplement or Age Pension and are entitled to the Work Bonus will be able to earn more income from employment before it affects their pension entitlements. Plus, the maximum limit for Work Bonus Bank balances will be permanently increased. This includes an increase to the maximum allowed Work Bonus Bank balance from $7,800 to $11,800, and will provide all newly eligible Work Bonus Bank clients with a starting Work Bonus Bank balance of $4,000.
New: Work Bonus for pensioners increases the amount one can earn. The first $300 of fortnightly income from work is not counted under the pension income test. That means a single age pensioner can earn up to $504 a fortnight and still receive the max rate of pension.
Social Security Rates Indexation
More than 936,000 Australians receiving youth, student or carer support will see a 6.0 per cent boost to their payments as indexation takes effect from 1 January 2024, according to the Media Release on Dss
Youth Allowance has increased between $22.40 and $45.60 a fortnight; those on Austudy between $36.20 and $45.60, and Disability Support Pension recipients aged under 21 years between $31.10 to $44.90. Carer Allowance will rise by $8.70 a fortnight.
You can see the full list of changes on this PDF or on the DSS.Gov website
https://www.dss.gov.au/sites/default/files/documents/11_2023…
Prescription. I get a year of prescription of high blood pressure medicines but a month ago, chemist warehouse issues me double prescription with the normal double price instead of single price. Am I missing something? I emailed Dept of Health but no reply staff says as I do not have concession thus why, confuse as he didn't even ask if I have one.