Melbourne CBD
The central business district (CBD) of Melbourne can be seen from the area located along the Yarra River called Southbank located in Melbourne, Australia, July 27, 2016. Reuters/David Gray

The start of a new financial year is approaching, which means new changes are coming from charges and fees to superannuation. Here’s how Australia will be different starting July 1.

Major changes to the superannuation system will take effect next month. It will affect super contributions and how super and retirement income are taxed for both wealthy and low-income retirees. Those who earn less than $40,000 can claim a new tax offset of $540 a year. On the other hand, people who earn more than $250,000 may have to pay extra tax on contributions.

Australia’s lowest-paid workers are set to get their biggest salary increase in six years with the national minimum wage up by 3.3 percent from July 1. Workers can expect an increase of 59 cents per hour to $18.29 or $22.20 a week.

Cheaper prices of medicine and contraceptives can come following a deal with pharmaceutical companies that will see the government pay less for subsidised medicines. In return, companies can be assured of longer-term funding certainty.

Changes to state-based first homeowner grant schemes will affect first homebuyers from July 1. The grant for first homebuyers in regional areas in Victoria will be doubled to $20,000 for new homes valued up to $750,000.

The grant will halve to $10,000 from $20,000 for new homes and off-the-plan properties in Tasmania. It is also set for a reduction in Queensland from $20,000 to $15,000.

Savers can sacrifice extra salary into their superannuation account more than the compulsory contribution. The cash can be withdrawn from July 1, 2018 onwards.

From Saturday, travellers leaving the country are no longer required to fill out a green outgoing passenger card. “The Australian government is focused on low-contact automated border clearance technologies to manage the 50 million travellers expected annually by 2020,” the ABS said in a statement earlier this year.

Meanwhile, Netflix subscribers can expect higher bills starting next month as the government’s “Netflix tax” comes into effect. A 10 percent levy on international suppliers of digital products and services was previously announced to even the playing field for local businesses, news.com.au reports.

Even foreign and local property investors will be affected by new changes. In New South Wales, for instance, the Foreign Investor Surcharge Duty will rise to 8 percent from 4 percent, while the yearly land tax surcharge on foreign buyers will be more than double from 0.75 percent to two percent annually.

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