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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”.
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