With the start of the 2024-25 financial year, Australians will see a series of new laws taking effect today, impacting taxes, vaping regulations, and more. Here’s a quick rundown of what’s new:
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Updated Tax Brackets
Australia’s tax brackets have changed under the “Stage Three Tax Cuts,” passed in February. These changes will result in a slight tax reduction for 13.6 million Australians. The new brackets are:
- Up to $18,200: No tax
- $18,201–$45,000: 16 per cent tax
- $45,001–$135,000: 30 per cent tax
- $135,001–$190,000: 37 per cent tax
- Above $190,000: 45 per cent tax
Vape Sales Restrictions
Starting today, vapes containing nicotine can only be purchased with a prescription from pharmacies.
However, from October 1, pharmacies can sell these vapes to anyone over 18, while those under 18 will still need a prescription.
Some major pharmacies have already announced they will not be selling vapes.
Engineered Stone Ban
The use, supply, and manufacture of engineered stone, including benchtops and slabs, is now banned across all states and territories.
This ban does not affect porcelain, sintered stone products, or finished engineered stone products that do not require further processing.
Industrial Manslaughter Offence
The Work Health and Safety Act 2011 now includes an industrial manslaughter offence, with penalties of up to 25 years in prison for individuals and $18 million fines for corporate bodies.
This aligns with similar laws already in place in most states and territories.
Student Visa Restrictions
New restrictions prevent Temporary Graduate, Visitor, or Maritime Crew visa holders from applying for a Student visa while in Australia, aimed at curbing “visa hopping”.
The Department of Home Affairs said: “Visa hopping has contributed to a growing cohort of ‘permanently temporary’ former international students living in Australia.”This measure is part of the federal government’s Migration Strategy.
Skilled Worker Visa Changes
Holders of Temporary Work (Skilled) visas (subclass 457), Temporary Skill Shortage visas (subclass 482), and Skilled Employer Sponsored Regional visas (subclass 494) now have up to 180 days (or a total of 365 days) to find a new sponsor or apply for a different visa if they stop working for their sponsor employer.
This change aims to reduce worker exploitation and provide more flexibility for visa holders.
For more detailed information on how these changes might impact you, visit the government websites.
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