A new financial year means a number of important new measures come into effect with the aim of creating more jobs, strengthening our economy and setting Australia up for the future.
These measures will provide tax relief to millions of hard-working Australians, incentivise businesses to invest and employ more people and ensure our superannuation system works harder for you.
From July 1 personal income tax cuts will support more than 10 million low and middle income earners. These tax cuts are worth up to $1,080 for individuals or up to $2,160 for couples.
We're also cutting the tax rate for small and medium businesses to 25 per cent and expanding access to a range of small business tax concessions with the turnover threshold rising from $10 million to $50 million.
We're incentivising business investment by extending the instant asset write off, 'temporary full expensing', to allow businesses to deduct the full cost of eligible depreciable assets of any value in the year they are installed until 30 June 2023.
We're also extending the temporary loss carry-back regime by a further year to help boost cashflow.
Small brewers and distillers will receive additional support by providing a full remission of any excise they pay, up to an annual cap of $350,000.
Eligible brewers and distillers will also begin to receive their excise duty remission automatically, which reduces administrative overheads and provides additional assistance by addressing cash flow concerns.
The wage subsidy scheme also increases from July 1 so that businesses who hire an eligible job seeker will now be able to receive up to $10,000 in wage subsidies, an increase from $6,500.
We are also supporting first home buyers and single parent families by releasing an additional 30,000 places to eligible applicants under the First Home Loan Deposit Scheme, the New Home Guarantee program, and the Family Home Guarantee.
Superannuation will also be made to work harder for Australians from 1 July with some of the most significant changes to superannuation in nearly 30 years coming into effect from July 1.
The Your Future, Your Super reforms are estimated to save Australian workers $17.9 billion over 10 years.
A new financial year brings many things, but this July 1 sees your Federal Government doubling down and continuing to back business and harness the initiative, determination and the resilience of individuals, their families and their communities.