The start of the 2010 financial year on July 1 not only means it is time to start doing the numbers for your tax return, it also means that a wide number of changes have already been brought into effect.
Country Energy customers have now been slugged with a 13 per cent electricity price hike, raising the average annual bill by over $180.
The NSW Independent Pricing and Regulatory Tribunal (IPART) approved the increase, arguing that service providers need to increase investment in infrastructure to maintain reliability of power supply.
Gas bills are also expected to rise by seven to nine percent.
Ratepayers will be forking out more for rates this year, with Boorowa Shire Council announcing a general rate increase of 2.6 per cent at the last Council meeting.
Water prices are also set to increase for households, with average usage of 200,000 litres attracting a rise of over $60 a year.
Over 7 million of Australia’s taxpayers feeling the pinch from rising living costs may find some relief with $3.8 billion in tax cuts rolled out by the Federal Government.
Workers will save around $500 in tax for the 2010/2011 financial year.
This equates to around $5 saving in tax each week for someone earning $45,000 a year.
The 30 per cent tax bracket has been changed to apply to workers earning above $35,000 to people earning above $37,000, while the 38 per cent bracket has decreased to 37 per cent.
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