New Year, New Rules: What 1 July Means for Your Money
With the arrival of 1 July, the financial landscape is shifting, bringing new rules, new opportunities, and important updates that could influence your financial future. From superannuation and pensions to business regulations and household costs, understanding what’s new is key to staying ahead.
At Finspire Advisers, we believe that informed decisions lead to financial confidence. That’s why we’ve broken down the most important updates taking effect from 1 July 2025, so you can make the most of the opportunities and navigate the challenges with clarity.
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✅ Who’s Winning from 1 July? Opportunities to Grow and Save
📈 Boost for Senior Australians
Changes to age pension thresholds mean more retirees may qualify for a full or part pension.
Finspire Insight: We’ll work with you to assess your financial position and make sure you’re accessing all the benefits you qualify for.
👶 Superannuation on Paid Parental Leave
For the first time, government-funded Paid Parental Leave will include super contributions. Plus, leave entitlements are increasing to 24 weeks.
Finspire Insight: A big step toward closing the gender super gap. We can help you integrate these changes into your long-term financial plan.
💰 Minimum Wage & Skilled Visa Pay Rises
Over 2.6 million Australians will see a 3.5% wage increase. Skilled visa thresholds are also rising.
Finspire Insight: Whether you’re an employee or employer, you will need to adjust your budget or payroll strategy accordingly.
📉 Centrelink Payment Increases
A 2.4% boost to various payments and higher eligibility thresholds offer relief amid rising costs.
Finspire Insight: We’ll help you determine your eligibility and make sure you’re accessing the support that’s right for you
🔋 Solar Battery Rebates
Households and businesses can now access a 30% upfront discount on solar battery installations, potentially saving up to $4,000.
Finspire Insight: Thinking green? We can help evaluate the financial benefits of going solar.
🔒 Superannuation Guarantee (SG) Increase
The SG rate rises from 11.50% to 12%, boosting your retirement savings.
Finspire Insight: We’ll review your super strategy to ensure you’re on track for a comfortable and secure retirement.
💼 Transfer Balance Cap Increase
The cap rises from $1.9M to $2M, giving retirees more room for tax-free income streams.
Finspire Insight: We’ll help you manage your super balances to boost retirement income.
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⚠️ Where Your Wallet Might Feel the Squeeze
💸 New Tax on High Super Balances
A 15% tax applies to earnings on super balances over $3 million.
Finspire Insight: If you’re near this threshold, we can help you explore strategies to manage your tax exposure.
⚡ Rising Power Bills
Electricity prices are increasing by up to 9.7% in NSW and 5% in parts of Victoria.
Finspire Insight: We’ll help you adjust your budget and explore energy-saving strategies.
📬 Australia Post Price Hikes
Postage rates are rising, with small letters increasing from $1.50 to $1.70.
Finspire Insight: For individuals and businesses, we’ll help you factor these costs into your financial plan.
🚫 ATO Interest Charges No Longer Deductible
From July 1, interest on overdue tax debts will no longer be tax-deductible.
Finspire Insight: If you have outstanding tax debts, talk to your accountant about managing these debts.
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🧾 Other Key Changes to Watch
• Instant Asset Write-Off: The $20,000 threshold is set to revert to $1,000 unless extended by legislation.
• ASIC Fee Increases: Business registration and review fees are rising with CPI.
• ATO Refund Retention Powers: The ATO can now hold certain refunds for up to 90 days.
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🤝 Don’t Navigate It Alone—Partner with Finspire Advisers
Every change brings both opportunity and risk. What benefits one person may challenge another. That’s why personalised holistic advice matters more than ever.
At Finspire Advisers provide Honest, Holisitic, Goal-Driven Advice to Everyday Australians. No Hidden Fees. No Commission. No Pressure. Contact us if your in the Lake Macquarie, Newcastle, Port Stephens or Maitland area. We are based in Eleebana, Lake Macquarie - only 20 minutes from Newcastle and are available to see you in our office, at your home, or virtually.
Contact us today for a tailored strategy to thrive in the new financial year.
References
Gossling, Bronte, Sydney Morning Herald Article dated 18/06/2025 https://www.smh.com.au/national/all-the-changes-coming-on-july-1-and-what-they-mean-for-your-wallet-20250618-p5m8im.html
The information in this article is general in nature, doesn’t consider your personal circumstances, so may not be appropriate to you. Before acting on this information you should contact us for personal advice by booking an appointment or calling us on 02 4072 4450.