Explore the latest developments concerning New financial year,.
New financial year, new rules and how the changes affect your wallet
A tweak to the lowest taxation rate will leave most workers slightly better off. (ABC News: Sharon Gordon)
Today marks the beginning of a new financial year, with a host of new rules coming into effect.
Tap the boxes below to find out how these changes could impact you.
The federal government is cutting the tax rate on income between $18,201 and $45,000 from 16 per cent to 15 per cent from today.
The tax brackets will remain the same, but the rates will now look like this:
The above rates do not include the Medicare levy of 2 per cent.
This will benefit everyone earning more than $18,201, not just people in the tax bracket between $18,201 and $45,000.
Australia news LIVE: Pay rise kicks in, Iran negotiations planned
This masthead’s chief political commentator James Massola has won press gallery journalist of the year for his insightful analysis of the internal machinations within both the Labor and Liberal parties.
You can read an example of Massola’s typical insightful journalism here in this cogent analysis of how the new right was reshaping the federal Liberal Party and modern politics.
This follows political correspondent Natassia Chrysanthos winning the award for young press gallery journalist of the year last week.
And with that happy news for all of us here, we bring tonight’s live coverage to a close. We will be back tomorrow morning to continue our live coverage.
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