The New Changes / Laws Taking Effect in 2024 (That might affect you)

Good morning, good afternoon and good evening, fellow pennypinchers. It's the start of a new year and I think it's about time I did a repeat of my previously popular round-up post back in 2019.

Let's take a look at some of the new changes in Australian legislation to see what's going to impact you (financially) this year. Here are the most relevant things you'll want to know:

Freebies and rebates that you don't want to miss out on.

Higher Education

  • The HECS Help loan limit has been increased. For 2024, the HELP loan limit is $121,844 for most students. The limit for students studying medicine, dentistry and veterinary science courses leading to initial registration, or eligible aviation courses with census dates in 2024 is $174,998.
    For 2023, the HELP loan limit was $113,028 for most students.

  • Also, Pass rate requirements to access Commonwealth assistance has been scrapped. In 2023, students previously had to pass half their units in order to maintain access to the HECS-Help assistant.
    However, pass rate requirements for students undertaking units of study through Open Universities Australia (OUA), that do not form part of a course, are still in place. This means they will not be eligible for FEE-HELP assistance where they have undertaken 8 or more units and failed more than 50 per cent of those units.

  • Mobile phones banned in South Australian schools, too. That follows VIC, WA, and NT.

Travel

Passport fees have increased according to the standard inflation price indexing that happens every 1 Jan.. The cost of applying for a new "R" series passport (which is now laden with tonnes of security features) starts at $346 for people over the age of 16 or $175 for a 5 year passport for Aussies under the age of 16 or over 75.

Motoring

  • NSW: From April 2024 eligible motorists can claim a rebate of up to $340 if they spend more than $60 a week on tolls. Check the Service NSW website to see if you are eligible.

  • NSW and South Australia: No more Electric vehicle rebates. Starting 2024, you will no longer be able to claim the $3000 rebate for your brand new electric car purchase. If you bought before the start of the year, or have placed a deposit, you can still claim the rebate.

Home and Garden:

Victoria: No more gas. Starting this year, all new homes in VIC can no longer connect to gas networks.
ACT Plastic bags banned: Climate Choices.gov, thick plastic shopping bags with a thickness of greater than 35 microns are now also banned. This follows a similar ban on the sale, supply and distribution of single use dinnerware, expanded polystyrene trays and micro-beads in personal care items.

Healthcare and Vaping

  • Updates to Medicare Safety Nets thresholds. According to the Canberra Times, "The threshold for Medicare safety nets designed to help people lower out-of-pocket Medicare expenses will also go up. Under the scheme, once a person spends a certain amount on medical services, Medicare gives you a higher amount back. The original Medicare safety net will increase from $531 to $560 in the new year, while the extended Medicare safety net will increase from $2414 to $2544."

  • From the Department of Health and Aged Care. Complete ban and crackdown on the importation of disposable single use vapes. That basically means you'll no longer be able to import any vapes (irrespective of nicotine content or therapeutic claims). Only prescription vapes can be imported into the country and accessible via pharmacies or doctors (e.g ones designed to help people quit). New rules also limit packaging, flavours and advertising.

  • Medicare Benefits Schedule got expanded, and includes medicare subsidised telehealth, vaccine, pathology and diagnostic imaging services. Also, COVID-19 antivirals can be prescribed over the phone.

Taxes and Finance

  • Large companies look out for the tax man: Implementation of a global minimum tax and a domestic minimum tax. In short, major multinational companies will need to pay a minimum tax rate of 15% for their domestic subsidiaries.

  • Superannuation is now a right under the National Employment Standards. This means underpaid / unpaid superannuation could be enforced under the Fair Work Act or via courts.

  • Land Taxes in Victoria implemented. Victorians with second homes or investment properties will pay a new flat rate tax of up to $975, plus an additional levy on the value of their land. This is a temporary (10 year) surcharge intended to repay the COVID debt.
    For taxable landholdings between $50,000 and $100,000 — a $500 flat surcharge will apply
    For taxable landholdings between $100,000 and $300,000 — a $975 flat surcharge will apply
    For taxable landholdings over $300,000:

    a $975 flat surcharge
    and an increased rate of land tax by 0.10 percentage points.

  • Good news for seniors and vets still in the workforce: you're getting a permanent Increase of the Work Bonus Bank. Those on Service Pension, Income Support Supplement or Age Pension and are entitled to the Work Bonus will be able to earn more income from employment before it affects their pension entitlements. Plus, the maximum limit for Work Bonus Bank balances will be permanently increased. This includes an increase to the maximum allowed Work Bonus Bank balance from $7,800 to $11,800, and will provide all newly eligible Work Bonus Bank clients with a starting Work Bonus Bank balance of $4,000.

  • New: Work Bonus for pensioners increases the amount one can earn. The first $300 of fortnightly income from work is not counted under the pension income test. That means a single age pensioner can earn up to $504 a fortnight and still receive the max rate of pension.

Social Security Rates Indexation

More than 936,000 Australians receiving youth, student or carer support will see a 6.0 per cent boost to their payments as indexation takes effect from 1 January 2024, according to the Media Release on Dss

Youth Allowance has increased between $22.40 and $45.60 a fortnight; those on Austudy between $36.20 and $45.60, and Disability Support Pension recipients aged under 21 years between $31.10 to $44.90. Carer Allowance will rise by $8.70 a fortnight.
You can see the full list of changes on this PDF or on the DSS.Gov website
https://www.dss.gov.au/sites/default/files/documents/11_2023…

Comments

  • Prescription. I get a year of prescription of high blood pressure medicines but a month ago, chemist warehouse issues me double prescription with the normal double price instead of single price. Am I missing something? I emailed Dept of Health but no reply staff says as I do not have concession thus why, confuse as he didn't even ask if I have one.

      • Yes both medicines appear in second column of exact names, mg and quantity

        • Sounds like you need to show this to whomever is dispensing this.

    • +1

      If you don't have a concession card, 60 day prescription will only be cheaper if the cost of 2 boxes is above the PBS cap.

    • To get the 60-day prescription for 30-day price, your GP has to annotate on your prescription that you are eligible. This shows that they have reviewed your medication and that your condition is stable.

      • +2

        There seems to be a lot of confusion with how 60 day dispensing works. You don't need any annotation, you just need the script to be of an eligible medication with double the quality.

        The current patient contributions are $7.7 for concession patients and $31.6 for general patients. Pharmacies can choose to discount this by up to $1.

        Only concession patients with 60 day prescriptions who choose the generic brand will always get 2 boxes for the one fee ($7.7 or $6.7 depending on where you go). Many original brands have a brand premium which must be paid per box. The brand premium is the same across pharmacies. For a 30 day supply, a concession patient would pay patient contribution + brand premium. For a 60 day supply, they would pay patient contribution + 2x brand premium.

        For a general patient, you would only get a discount if 2 boxes cost more than the patient contribution, where it would be capped at that price. E.g. it costs $20 per box, then it would be $31.6 or $30.6 for 2 boxes. If you choose an original brand with a brand premium where 2 boxes costs more than the price cap, you will pay above the capped price. In that situation, depending on the amount of the brand premium and how that pharmacy calculates their prices, there may be a slight discount, there may be no discount, or it may even cost more.

        • Thanks - this explains why I did not get any discount on a recently issued 60-day script. I was so confused when they asked if I have concession.

          Curious though, the info on govt wesbite is not explicitly explained as you did above. Do you have a link to an official publication?

          • +1

            @sky blu: What I wrote above is a generalisation of how it works at discount pharmacies. It's actually more complicated. Basically for medicines where the total base price (excluding any brand premiums) for 60 day supply is less than the patient contribution cap, the medication cost is not partially subsidised by medicare, and the pharmacy isn't under any obligation to discount it further if their existing pricing for 2 boxes is below the max PBS general patient charge for that medication under 60 day dispensing.

            You can see discounts for medicines that don't reach the cap at smaller independent pharmacies where they were priced higher to begin with. That's what most of the official publications assume when they talk about savings. Like this: https://www.health.gov.au/resources/publications/60-day-pres…

        • Meant to type *quantity instead of quality in the second sentence.

  • +6

    Everyone's pay packets are going backwards.
    But that's ok, because the biggest drain on our system (pensioners) get increasingly more perks.

    Now i'm all for supporting those who helped built Australia, but given they can live in their homes that have appreciated incredibly and still get handouts without it being means tested kinda disenfranchises the future taxpayers who are subsidising this (who won't be eligible for it once they retire).

    • +24

      I suggest there are bigger fish to fry than pensioners. Ya might want to ask why some people can put down several mil on a house without breaking a sweat. Why companies are avoiding their tax obligations. How organised crime seems to be able to launder money through casinos and online gambling. Once you take the house out of the equation pensioners are held to strict conditions on what they can earn. Go after the hard targets.

      • -2

        $200 billion is a fair chunk of change to start with though ;)

        • +4

          Bang for buck you are better looking elsewhere. There is also a difference between pensioners and how Superannuation is managed.

        • +8

          $200 billion is a fair chunk of change to start with though ;)

          $200 billion is like change lost down the back of the couch when you look at the gov spending as a whole.

          We're at $1.1 trillion dollars in debt and growing every year, this wasn't due to the pensioners.

          But as you said, they built this country, so paid for most of the gov services you are using today with their tax dollars and they are certainly means tested.

          If you want to be crying about someone getting something for nothing, start here

          https://www.abc.net.au/news/2022-11-03/companies-that-paid-n…

          Cough cough, Ampol with $20B income, paying zero taxes or BP with $17.5B, no taxes, Insurance Australia, $16.2B, no taxes.

          But yeah, those bloody pensioners with their $200B 'handouts'

          • +2

            @JimmyF: Absolutely. It is almost like these organisations were finding ways to distract people from demanding politicians do something about the real issues.

    • +9

      Should they sell the home they've possibly lived in for decades?

      • +2

        It's more, whats stopping someone from buying a million dollar home, reducing their liquidity to zero and then getting on the pension system till they pass the inheritance onto the next generation.

        • +2

          If you are worried about those sort of things then look into family trusts.

        • -1

          Lucky next generation,eh?

        • +3

          I'm sure that's possible, but be realistic, that isn't what's happening, or what people are complaining about.

          People are whining that they should sell the house they paid $20k for, and go live out in the sticks in some shithole apartment, and then live off that money, even though they were promised a pension when they were working.

          • +3

            @brendanm: It's just envy.It generally tailgates greed.
            Which in itself is what we are told is good. People can't choose when they were born.

    • +7

      Go after Gina et al, instead of the low hanging fruit .
      Wind back immigration and tax breeding.Everything else is another hole drilled in our lifeboat

      BTW I don't think your 'actual residence should be means tested, if you still live in it, period. Every other asset ,yes.
      Scrapping the family reunion immigration policy is also overdue.The planet is bursting & our infrastructure and cost of living is shite.
      I'm sad that you have no parents or G/parents to guide your cause.Biggest drain? Nice

      • +1

        Scrapping family reunion? You mean spouse and children reunions? Or do you mean the 8500 parent visas per year are the ones breaking the country and all would be well if only those 8500 people didn’t arrive (after their 15 year processing wait)?

        • +3

          "You mean spouse and children reunions? " Nope
          And yes to the second half. It's not our obligation to accept a package deal.
          The country of origin supports them when they retire,don't they? The successful migrants can return/visit/support can't they?

    • +2

      What if we tax mining like they do in Sweden? The miners in Sweden didn't flee the country. Keeping 30% of trillions is still trillions.

      • +2

        Yep, we only get to tax these things once, they aren't an infinite resource, and are owned by the Australian people, we should get more out of them than we do.

        • -1

          Gee a mining tax? How sensible. and how De ja vu.

          LNP,Gina ,Twiggy,Clive and USA corporations et al, ( and the MSM) those who essentially run the country, said no.
          And here we all are.

      • Queensland already has the highest mining royalties in the world.
        Want to know why? Queen Anna the Palace Chook wanted it to fund the capital city Olympic Games, etc. Precious little makes it back to rural areas.
        Yet another reason big cities should be excised from the existing states. Want to talk about biggest drains? See how the big cities survive on their locally produced water, electricity and food.
        Maybe show some support and respect for the regions and those who do real work (farmers, miners, etc) without which cities can never exist… Right back to ancient times.

        • +1

          Great post OP. Some very useful information and much appreciated!

          This "highest mining royalties in the world" statistic has been distorted by the MCA to scare voters. The coal royalty rate has now been pegged to the coal price and varies from 15% to 40%. The royalties are well below global rates for the majority of the time and only increase during high profit margin events. The cost to extract the resource is typically fixed, so it doesn't impact the feasibility of the mine, it only returns a bigger cut of the rare high-profit events.

          On the city vs rural debate, the large cities support the rural by funding the majority of the county's national infrastructure (NBN, mobile networks, etc). The majority of the skilled workers digging the resource out of the ground and getting it to market also reside in the big smoke. The rural vs city argument is very short-sighted and just silly. People need to put more thought into how we can improve working together than on ways to divide.

    • I guess you could introduce laws like this
      https://en.wikipedia.org/wiki/Euthanasia_in_Switzerland#:~:t….

      to reduce the problem of pensioners.

      But personally I think being in a civilised society means caring for the aged and disabled. Also remember that current generations of aged took care of previous generations of aged through the taxes they paid when in the workplace.

      • +1

        I’m in my 60s and a big believer in Euthanasia. When you’ve watched people trapped in a pain ridden body and losing control of the bodily functions then you understand why being given the choice, and assistance, is important. It needs to be extended into dementia. Let me look at the spectrum and choice my stepping off point.

        The joke is people tend to last longer because they are in control of what they consider too much.

  • +1

    Freebies and rebates that you don't want to miss out on.

    Nothing for Vic :(

    • +2

      Nothing for Vic :(

      I’m waiting for @jv to reply.

      • +4

        It's all the fault of Dictator Dan the Jacinta Junta!

        • +1

          It does get sad when they get to that level doesn't it?

    • Jeez, ya got rid of Andrews, what more do you want? 😂

  • Complete ban and crackdown on the importation of disposable single use vapes.

    Good luck with that one.

    • +2

      Perhaps but if they are caught they can be prosecuted. This is an improvement on trying to keep these out of the hands of young kids.

      • -1

        They'll just be added to the inventory of drug distributors and contain even more toxic crap cos not controlled.

        • +3

          As a general rule drug dealers aren’t interested in selling to 13 year olds. They want people with a decent amount of dosh. Studies show if kids don’t get hooked on cigarettes as teenagers they are much less likely to take up smoking.

          • -1

            @try2bhelpful: As a general rule drug dealers aren’t interested in selling to anybody, and don't GAF if the end customer is 9 or 90. It's just that they usually use a middle man. Outcome doesn't change

            • +1

              @Protractor: As a general rule the 13 year old has less money and selling to minors attracts a lot more attention from the cops. You want to trigger a politician then mention drug dealing to minors. Not saying it doesn’t happen but the kids don’t tend to be the target market.

              • -1

                @try2bhelpful: The 13 YO's are getting them now. They don't grow on trees. Not a target market, but still a customer.

                • +1

                  @Protractor: Yup, and making it illegal shuts down quite a bit of access for young ones. It tends to price them out of the market. I, suspect, that people who target kids with illegal substances are going to get more vigorous investigations and higher prison terms.

                  • -1

                    @try2bhelpful: You're framing a future spike in youth crime.$$$ has to come from somewhere.If vapes are trendy in a group, price will become a secondary issue.Thus it always was.

                    • @Protractor: Funnily enough no. There will be more kids smoking cigarettes or drinking alcohol, because they are readily available, than will be taking harder drugs. The harder drugs require knowing a source willing to sell to them and the drugs are more expensive. You will get a small number of kids who go hardcore but it is a small minority.

                      • -1

                        @try2bhelpful: Yep smoking & drinking a whole other kettle. But I can't see vapes becoming less popular with teens.We'll wait & see. These days we adopt first regulate later and most of the recent regs have failed. The 'enforcers' must be WFH.

                        • +1

                          @Protractor: The real problem with vapes is they didn’t crack down on them in the first place. Putting the genie back in the bottle is, always, harder. If they tried to introduce cigarettes nowadays they would have no hope due to health and addiction issues.

                          The trouble with decriminalisation of drugs is they can really mess some people up. I certainly think addicts need to be treated for a health problem but happy to come down hard on the providers.

                          Everyone complains about regulation right up until they deal with the consequences of failing to regulate properly. The millions upon millions being spent to deal with asbestos, the combustible building cladding, the apartment blocks that are structurally unsound, the toys with lead paint, the cots that trap babies heads, etc. The list is very long and you will find people who complain about the nanny state.

                          Me, I’m happy to listen to nanny. Generally she talks sense.

                          • -1

                            @try2bhelpful: Yep, silicosis sufferers would probs agree.

                            "The trouble with decriminalisation of drugs is they can really mess some people up. I certainly think addicts need to be treated for a health problem but happy to come down hard on the providers."

                            The other futility of it all is we live in a time where "escape" seems tempting, so the whole prevention ethos is non existent.
                            They had this guy in the Philipines who 'came down hard' on providers.
                            We live in dichotomous societies in the west. So Nanny VS free for all? No brainer.
                            Besides the Yanks tried brave & free and … well you know how that sweet dream is going

                            • @Protractor: The guy in the Phillipines used that excuse to get rid of a lot of people he didn’t like. The issue was rampant political corruption being dressed up as a war on drugs. He wasn’t fussy if the people were drug dealers or not. Personally I think macho isn’t mucho.

                              I’m a big believer in the safe injection rooms, I would be OK with managing addicts by weaning them off the substances gradually. I, certainly, think we need to do more to make people’s lives less miserable to avoid going on the drugs. However, when I look at someone like Whitney Huston I can’t help thinking that being addicted to drugs monumentally cocked up her life and lead directly to her death.

                              America is basically screwed. They only believe in brave and free as long as you are in lock step with their rightwing religious zealots.

                              • -1

                                @try2bhelpful: Whoa, I'm not supporting the gangster in the Philipines, just exampling the model at the extreme end.I'm sure he cashed in on his campaign to clean the streets. Putin is doing a similar thing, sweeping non straights ,enemies,opponents etc off the streets, cos 'values. Go figure.The other day some 'influencer' or the like chucked a party & uploaded the risque pics and she issued a grovelling apology after the backlash. It's amazing what the fear of being dismembered while alive can have on someone.

                                Safe injecting 'seems' to work, and I guess it's all about numbers and opportunities.

                                I'm not a big Whitney fan, but it was a loss to the world to lose her talent.I think her voice was pretty sublime.
                                Pedestals are a very nasty structure. Many have fallen, (quite a few in the last few years) and many via the added complexity drugs. And having a supplier as a partner, was a bridge too far for her. She almost made it back.But we'll never really know, for sure.

                                • @Protractor: I didn’t mean to imply you support the Phillipines despot. Anyone who knows your posts would realise that idea is preposterous. We are both astonished by what some people think makes good leadership or even acceptable behaviour.

                                  I live in Fitzroy and “I’ve seen things you people wouldn’t believe”. I’ve watched a guy injecting between his toes in broad daylight. I saw a woman with a pram shooting up in a laneway. I’ve called ambulances for overdose victims. I’ve dodged people staggering down the street clearly off their faces. I saw a woman whose face was covered in paint from chroming. I watched a guy throw himself into a couple of windscreens and smash them. Got to admit I’m not a big fan of how drugs affect people.

                                  We’ve lost too many good artists to drugs. With all the visibility of what they were doing to themselves WTF couldn’t we save them?

    • +2

      But cigarettes still available on every high street as $$$ to be made by the government. That's what this is really about.

      Vapes have enabled millions of people to get away from cigarettes which are significantly worse.

  • +7

    Also, Pass rate requirements to access Commonwealth assistance has been scrapped(studyassist.gov.au). In 2023, students previously had to pass half their units in order to maintain access to the HECS-Help assistant.

    So the taxpayer has to continue to fund people who will fail their course, and get no employment from it? Seems like an utter waste of money.

    • Still more productive than the pension

      • +2

        No, it's literally throwing away money for nothing.

        • -3

          Like AUKUS. Buying a mirage

        • Out of interest what's the productivity of the pension?

          • +1

            @Drakesy: 1) old people having a home and being able to eat, like they were promised they'd be able to.

            What's the productivity of a uni failure continuing to fail?

            • -1

              @brendanm: A university degree's productivity is recognised in the increased lifetime tax received from a higher level job.

              Its well documented. Pension pretty much has zero return. Let alone these sre people who would've received free tertiary education back in the eay.

              • +3

                @Drakesy:

                A university degree's productivity is recognised in the increased lifetime tax received from a higher level job.

                You might want to re-read what I posted above. Someone who is passing less than 50% of their units isn't getting a degree.

                Its well documented. Pension pretty much has zero return. Let alone these sre people who would've received free tertiary education back in the eay.

                How many of them did that?

                So you think that old people being able to live is zero return? Pretty brutal.

          • -2

            @Drakesy: Ask the same question of local govt and 2/3 or elected state and fed govt. No,really.Do the maths on input VS delivery.

            I'd love to know how many of these mansion dwelling leaners you seem to have a grudge against exist.
            And what % of the majority of aged pensioners , you think have some sort of luxurious existence. You live in the wrong country if you think it's a requirement to be productive, just to be supported after a life of work and paying tax. But you have highlighted why people come here to live, and 'lean' on the family reunion component.
            You're starting to sound a bit RoboDrakesy

    • +4

      Everyone gets a blue ribbon in 2024.

      • -3

        Especially pensioners with a HECS dept and a part time job a flash house, and some cash gigs on the side.

        Shhh>Don't tell Drakesy

  • +3

    thick plastic shopping bags with a thickness of greater than 35 microns are now also banned

    I'm intrigued by this. Because here in SA, in the name of reducing plastic waste, supermarket-supplied shipping bags have gone in the opposite direction. We had really thin free ones. They replaced those with thicker ones that you could re-use that cost 15c. Then they replaced those with really think ones that you can re-use lots of times that cost 99c, so you will remember to.

    So which reduces waste, a bag made out of less plastic, or a bag made out of more plastic that as a result is re-usable more times?

    • -2

      Trouble is whatever way it goes, the onus should always be on the bloody shopper. It's not that hard or expensive to get organised 'bag wise'.
      It's like all other enviro responsibilty. Most ppl expect everyone else to do the heavy lifting (no pun intended).

    • Ban plastic bags completely. Paper or hessian/canvas.

  • +1

    Interesting read, zero applies to our household but I appreciate the effort
    .

  • Welfare Payments Increased

    SOME welfare payments increased. Some are increased on 1st Jan. Others are increased in, I think, March and October.

    In regard to the others, the media always announces "pension payments increase this week". Then they don't. The increase is for the payment period starting on the specified day. So pension payments don't actually increase for another fortnight. The government press releases phrase it to make that clear. Then the media translates it for the rest of us, and gets it wrong. It must waste a lot of Centrelink time fielding "my pension didn't go up like the TV said it would" enquiries, but the next time the media just gets it wrong again.

    • Have reworded subheading.

  • +1

    Queensland: Free $150 FairPlay Voucher for kids aged 5-17(qld.gov.au) starting 24 Jan, which lets you spend them on sports and active recreation.

    Possibly add that this is only for people with a centrelink card.

  • got expanded, and includes medicare subsidised telehealth, vaccine, pathology and diagnostic imaging services. Also, COVID-19 antivirals can be prescribed over the phone.

    I look forward to more buggy updates from software providers for these changes and the angry doctors that can't prescribe X or authority scripts anymore. More skilled MSSQL programmers in the healthcare sector please.

  • +1

    Dont forget stage 3 tax cuts..!

  • Victoria land tax - does that only apply to New properties purchased in 2024 or also all existing ones?

  • It's the start of a new year and I think it's about time I did a repeat of my previously popular round-up post back in 2019.

    I see it turned into a great big whine back then, same as this year.

    A veritable flood of OzB whingers.

  • Thanks OP

  • Victoria no more gas is only in regards to Natural Gas. LPG is fine and new houses everywhere can connect to it.

Login or Join to leave a comment