The new financial year is here, but what does that mean for the average Australian?
Yahoo! Finance took a look at two of the changes to this year’s budget and how they may affect your household:
Carbon Tax
The price increase on carbon tax will push up a variety of goods and services costs such as electricity, which is set to see another big jump. Queensland residents will be hit the hardest, with electricity rising by a further $260 for the average family.
A carbon tax compensation scheme will see some of these costs covered, with a household entitled to Family Tax Benefit A receiving $155.30 a year for each child under 13 years of age.
For families with children between 13 and 19, they will receive an extra $200.75 per year.
Motorists
With the last cash booths removed, all motorists will now pay their tolls using e-tags or a pass. Taxis will also be more expensive. Residents of NSW are expected to pay 8.5% more for gas.
Source:http://au.pfinance.yahoo.com/money-manager/tax/article/-/17816300/happy-new-financial-year
