Latest news with #ParentalLeavePay
Sydney Morning Herald
08-07-2025
- Business
- Sydney Morning Herald
You're about to get more super. Here's all you need to know
With the start of July heralding a new financial year, workers across the country can expect to see their super balances increase thanks to a legislated boost to the super guarantee. The guarantee, which is the minimum amount employers must pay into their employees super fund, has increased from 11.5 per cent to 12 per cent, giving the average worker hundreds of dollars more in super contributions a year. This latest increase marks the end of years of incremental increases to the minimum super contribution requirement from 9 per cent to 12 per cent after it was legislated back in 2012. This is the final scheduled increase mandated by the Australian Taxation Office, which must be paid quarterly, although it can be paid more often. This month also marks the time when superannuation payments must be included in the government's Parental Leave Pay scheme. The superannuation increase also applies to Commonwealth Parental Leave Pay, benefiting millions of Australians. It will narrow the gender super gap by around a quarter, which is about $50,000 for Australians nearing retirement. What do I need to do? Check your next payslip to ensure that the new rate has been applied to the superannuation your employer has paid on your behalf into your super fund. To get the most out of the extra payments, make sure you consolidate your super into one fund to avoid paying extra fees. Also, take a moment to check how much you're paying in fees to your super fund, compare its performance to see if it's holding back your super compared to other funds, and check your fund is the best fit for your age and retirement goals.
The Age
08-07-2025
- Business
- The Age
You're about to get more super. Here's all you need to know
With the start of July heralding a new financial year, workers across the country can expect to see their super balances increase thanks to a legislated boost to the super guarantee. The guarantee, which is the minimum amount employers must pay into their employees super fund, has increased from 11.5 per cent to 12 per cent, giving the average worker hundreds of dollars more in super contributions a year. This latest increase marks the end of years of incremental increases to the minimum super contribution requirement from 9 per cent to 12 per cent after it was legislated back in 2012. This is the final scheduled increase mandated by the Australian Taxation Office, which must be paid quarterly, although it can be paid more often. This month also marks the time when superannuation payments must be included in the government's Parental Leave Pay scheme. The superannuation increase also applies to Commonwealth Parental Leave Pay, benefiting millions of Australians. It will narrow the gender super gap by around a quarter, which is about $50,000 for Australians nearing retirement. What do I need to do? Check your next payslip to ensure that the new rate has been applied to the superannuation your employer has paid on your behalf into your super fund. To get the most out of the extra payments, make sure you consolidate your super into one fund to avoid paying extra fees. Also, take a moment to check how much you're paying in fees to your super fund, compare its performance to see if it's holding back your super compared to other funds, and check your fund is the best fit for your age and retirement goals.
Perth Now
09-06-2025
- Business
- Perth Now
All changes coming for Aussies next month
From minimum wage increases to a crackdown on tobacco, a number of changes will come to effect for millions of Australians from July 1. State and federal governments typically use the new financial year as a starting point for a range of regulatory and legislative changes. Among this years changes are an increase to the minimum wage and changes to skilled migration. The NSW and Victorian governments will also crackdown on tobacco with new licensing schemes. The Albanese will institute a number of changes from July 1. NewsWire / Andrew Henshaw Credit: News Corp Australia See the full list of changes here: National – The minimum wage will increase by 3.5 per cent from July 1. The Fair Work Commission will raise the National Minimum Award to $948 per week or $24.95 per hour, which will apply from the first full pay period starting on or after July 1. The minimum award wages will increase by the same percentage. – A number of changes to superannuation will come into effect from July 1. On that day, the superannuation guarantee rate will increase to 12 per cent. The new percentage will be applied to all salary and wages paid to eligible workers on or after July 1, and will mean employers will have to pay a minimum of 12 per cent to an employees superannuation fund. The maximum super contribution base will meanwhile decrease from $65,070 to $62,500. – From July 1, Services Australia will lift the number of Parental Leave Pay days from 110 to 120 for children born from that day. Parents, including of adoptive children, will be able to claim up to three months before the date they expect the child to 'enter their care'. – Skilled visa income thresholds will be increased by 4.6 per cent from July 1, when the annual indexation takes affect. The Core Skills Income Threshold and Temporary Skilled Migration Income Threshold will increase from $73,150 to $76,515 while the Specialist Skills Income Threshold will increase to $141,210. – The sorts of products smokers can purchase is set to change from July 1. In the new financial year, a raft of changes to tobacco sales will come into full affect, including the banning of flavoured or menthol cigarettes, the removal of names such as 'smooth' and 'gold', packets will ne standardised at 20 cigarettes, as well as the rolling out of consistent shapes and sizes, and new health information. Many of the changes have already been implemented. NSW Premier Chris Minns has criticism pushback ahead of the state's tobacco crackdown. Photo: NewsWire/ Gaye Gerard Credit: News Corp Australia NSW – From July 1, NSW will finally have a tobacco licensing scheme. Retail businesses selling tobacco and non-tobacco smoking products will required to notify NSW Health, with stiff penalties for any breaches. – A new Community Services Industry portable long service leave scheme will be introduced on July 1. It will give workers in the community services industry, who often work with multiple employers, access to long service leave after seven years of service to the industry with one or more employers. – Improved protections for renters are slated to come into effect from July 1, including making it easier for accessibility infrastructure to be installed, providing evidence that an animal is an assistance animal, and obtaining approval for minor renovations. – A raft of changes to strata in NSW will come into effect from July 1. They include new strata committee duties, protection for owners in strata from unfair terms, increased penalties for developers, and other improvements to strata laws. – Community land law changes will also take effect from July 1, including ensuring that sustainability is discussed during annual general meetings, that requests to change association property for accessibility infrastructure only needs a majority vote at an association meeting, and that by-laws don't ban sustainability infrastructure based on appearance – except if it is a heritage property. Tobacconists in NSW and Victoria will require a license. NCA Newswire/ Gaye Gerard Credit: News Corp Australia Victoria – New rules requiring motorists to slow down to 40km when passing workers on the roadside, or stationary or slow-moving vehicles (travelling at 10 km/h or less) displaying flashing lights, will be introduced from July 1. Previously applicable to emergency and law enforcement vehicles, motorists will now also have to slow down for other vehicles, including accident towing trucks, roadside assistance, and incident response vehicles. – From July 1, tobacco retailers and wholesalers will be required to apply for a licence to sell tobacco products. Tough penalties will apply for those found contravening the new regulations, inducing a fine of $829,878 for anyone operating without a licence or caught possessing or selling illicit tobacco. For an individual, it is $165,975 (or five years prison. – A planning permit will not automatically be required for a venue with a liquor licence in Victoria beginning July 1. – The payroll tax free threshold will increase from July 1 to will be lifted from $900,000 to $1,000,000 for annual returns, and from $75,000 to $83,333 for monthly returns. – The Victorian Default Offer, a set electricity price, will be set at $1675 from July 1. Victorian Premier Jacinta Allan has spearheaded a number of changes. NewsWire / Aaron Francis Credit: News Corp Australia Queensland – Annual rent and eligibility checks for all social housing tenants will be reintroduced from July 1. The checks will confirm if tenants still meet income thresholds. – People convicted of a crime with pay more from July 1, when the Queensland government indexes the rate of a penalty unit. From that date, a single penalty unit will rise from $161.3 to $166.9 for most offences covered under state legislation, as well local law penalties. Western Australia – Reforms to WA's public sector will begin to take effect from July 1. They include the transition of the Department of Jobs, Tourism, Science and Innovation to the Department of Energy and Economic Diversification and a new Office of Defence Industries. A new Department of Mines, Petroleum and Exploration will administer and drive the future development of the resources industry. – Rebates will be made available for residential solar batteries of up to $1300 for Synergy customers and up to $3,800 for Horizon Power customers from July 1. The reforms are aimed at allowing more households access to batteries and rebates. South Australia – The SA government will implement cost of living measures from July 1, including capping the price of a 28-day student pass on the MetroCard to $10 – down from $28.60. The change means a trip for a student on public transport will cost about 25c. Victorian motorists will finally have to slow to 40km for roadworks. NewsWire / Luis Enrique Ascui Credit: News Corp Australia Tasmania – RBF Life Pensions, Interim Invalidity Pensions, and Parliamentary Pensions will be indexed in-line with reflation and a Consumer Price Index of 1.150 per cent on July 1. – TasWater, Tasmania's water and sewage utility, will increase its prices by 3.5 per cent from July 1. The average residential customer will see an increase of about 12.04 cents per day. – From July 1, the electoral reforms will establish a new scheme for disclosing political donations and electoral expenditure in parliamentary elections, and administering public funding in relation to House of Assembly elections in Tasmania. Northern Territory – The payroll tax-free threshold will increase to $2.5m on July 1, with maximum annual deductions also increased to $2.5 million maximum annual deduction to $2.5 million Australian Capital Territory – On July 1, the ACT government will raise the minimum age of criminal responsibility from 10 to 14. – A short-term rental accommodation levy will be introduced in the ACT on July 1. It will apply to books of no more than 28 days. – The ACT Public Service will berestructured from July 1, including directorate mergers, function transfers and the creation of the new Digital Canberra directorate.
Yahoo
30-05-2025
- Business
- Yahoo
Big change to paid parental leave
Parents or carers of children who will be born in the new financial year will soon benefit from more paid parental leave. From July 1, Services Australia will lift the number of Parental Leave Pay days from 110 to 120 for children born from that day. Parents, including of adoptive children, will be able to claim up to three months before the date they expect the child to 'enter their care'. Parental Leave Pay is intended to support families and caregivers who have taken time off work to care for a newborn or newly adopted child. Currently, parents with children born since July 1, 2024 receive 110 days of paid parental leave, including any claims before July 1, 2025. For the new maximum of 120 days, a parent or carer will have to provide proof that their child was either born or adopted from that date. The maximum number of Parental Leave Pay days is expected to rise again to 130 from July 1, 2026. In order to be eligible for the payments, a parent or carer must pass a work and income test and not be working the days they receive the payment. The payment is available before, during, and after employer-funded leave and is only available for a single child in the event of multiple children. The current payment for Parental Leave Pay is $183.16 per day before tax or $915.80 per five-day week. That is based on the weekly rate of the national minimum wage.
Perth Now
30-05-2025
- Business
- Perth Now
Big change to paid parental leave
Parents or carers of children who will be born in the new financial year will soon benefit from more paid parental leave. From July 1, Services Australia will lift the number of Parental Leave Pay days from 110 to 120 for children born from that day. Parents, including of adoptive children, will be able to claim up to three months before the date they expect the child to 'enter their care'. Parental Leave Pay is intended to support families and caregivers who have taken time off work to care for a newborn or newly adopted child. Currently, parents with children born since July 1, 2024 receive 110 days of paid parental leave, including any claims before July 1, 2025. Services Australia will increase the number of Parental Leave Pay days from July 1. Credit: News Regional Media For the new maximum of 120 days, a parent or carer will have to provide proof that their child was either born or adopted from that date. The maximum number of Parental Leave Pay days is expected to rise again to 130 from July 1, 2026. In order to be eligible for the payments, a parent or carer must pass a work and income test and not be working the days they receive the payment. The payment is available before, during, and after employer-funded leave and is only available for a single child in the event of multiple children. The current payment for Parental Leave Pay is $183.16 per day before tax or $915.80 per five-day week. That is based on the weekly rate of the national minimum wage.
