Save
The 1 January policy changes now affecting Australians
Salary sacrificing employees, first home buyers, students and some cancer sufferers are among those impacted by federal policy and legislative changes from 1 January 2020.

The 1 January policy changes now affecting Australians
Salary sacrificing employees, first home buyers, students and some cancer sufferers are among those impacted by federal policy and legislative changes from 1 January 2020.

A statement from Treasurer Josh Frydenberg has outlined four separate groups impacted by a number of measures that came into effect with the new year.
We’ve outlined them below:
Salary sacrificed superannuation contributions
“Unscrupulous employers will no longer be able to short-change employees who make salary sacrificed superannuation contributions”.
Employers will no longer be able to use a loophole that saw salary sacrificed contributions satisfying their superannuation guarantee obligations for employees.
The First Home Loan Deposit Scheme
Forming a cornerstone of election policies in the 2019 federal election, the First Home Loan Deposit scheme is now live.
In a separate article, nestegg has noted that new buyers have been advised to use caution with regard to the scheme, outlining both the potential pros and cons for first home buyers.
Mr Frydenberg reiterated that the concession provides up to 10,000 guarantees to eligible first home buyers each financial year.
Despite recent criticism about the policy leaving first home buyers “mostly in the dark”, the Treasurer said applications can be made as part of the standard home loan application process through participating lenders.
Affordable medicine for cancer and epilepsy patients
New medicines have also been added to the Pharmaceutical Benefits Scheme for the new decade.
Mr Frydenberg said these include Verzenio® (Abemaciclib) for patients with advanced breast cancer and APO-Primidone® (Primidone) for patients with epilepsy.
HELP loan changes
Students will see changes to the structure of HELP loans taken out after 1 January this year, with one single loan limit combining FEE-HELP, VET student loans, VET FEE-HELP and new HECS-HELP.
The HELP loan limit has now increased to $106,319 for most students.
Students studying medicine, dentistry, veterinary science and eligible aviation courses will have access to loans to the value of $152,700.
According to the Treasurer, the new measures “build on what the Morrison government has delivered since the election, including the largest tax cuts in more than two decades, vital support to farmers and communities affected by natural disasters and more funding for aged care”.
About the author

About the author


Expenses
Insurance prices rise despite payout falls
The COVID-19 pandemic has seen insurer payouts fall by $500 million, but Australian consumers are continuing to pay more, the consumer watchdog has revealed. ...Read more

Expenses
CBA cops civil proceedings for overcharged interest
ASIC has commenced civil penalty proceedings in the Federal Court against the Commonwealth Bank over the bank charging an interest rate on business overdraft accounts that was substantially higher tha...Read more

Expenses
What are the top 10 most expensive cities in the world?
Logistical issues and currency fluctuations caused by the COVID-19 pandemic has seen the most expensive cities in the world drastically change, new research has revealed. ...Read more

Expenses
Sydney adviser pleads guilty to misappropriating $2.9m
A Sydney financial adviser has pleaded guilty to misappropriating $2.9 million in his clients’ funds. ...Read more

Expenses
Telstra set to refund 10,000 customers
Ten thousand past and present Telstra customers are entitled to a refund due to being overcharged a total of $2.5 million. ...Read more

Expenses
iSelect in hot water for energy plan comparisons
Comparison tool iSelect has been ordered to pay $8.5 million in penalties for making false and misleading representations about its electricity comparison service. ...Read more

Expenses
Pandemic puts stopper in big spending
Two-thirds of Australians have seen their finances impacted by COVID-19, according to new research – and it’s affecting everything from holidays to houses and careers. ...Read more

Expenses
The financial products giving Australians the most grief during COVID-19
The Australian Financial Complaints Authority (AFCA) has received 7,420 complaints about financial products since the onset of the pandemic. ...Read more

Expenses
Insurance prices rise despite payout falls
The COVID-19 pandemic has seen insurer payouts fall by $500 million, but Australian consumers are continuing to pay more, the consumer watchdog has revealed. ...Read more

Expenses
CBA cops civil proceedings for overcharged interest
ASIC has commenced civil penalty proceedings in the Federal Court against the Commonwealth Bank over the bank charging an interest rate on business overdraft accounts that was substantially higher tha...Read more

Expenses
What are the top 10 most expensive cities in the world?
Logistical issues and currency fluctuations caused by the COVID-19 pandemic has seen the most expensive cities in the world drastically change, new research has revealed. ...Read more

Expenses
Sydney adviser pleads guilty to misappropriating $2.9m
A Sydney financial adviser has pleaded guilty to misappropriating $2.9 million in his clients’ funds. ...Read more

Expenses
Telstra set to refund 10,000 customers
Ten thousand past and present Telstra customers are entitled to a refund due to being overcharged a total of $2.5 million. ...Read more

Expenses
iSelect in hot water for energy plan comparisons
Comparison tool iSelect has been ordered to pay $8.5 million in penalties for making false and misleading representations about its electricity comparison service. ...Read more

Expenses
Pandemic puts stopper in big spending
Two-thirds of Australians have seen their finances impacted by COVID-19, according to new research – and it’s affecting everything from holidays to houses and careers. ...Read more

Expenses
The financial products giving Australians the most grief during COVID-19
The Australian Financial Complaints Authority (AFCA) has received 7,420 complaints about financial products since the onset of the pandemic. ...Read more