It’s 1 July 2021, the commencement of the New Financial Year.

Today, a number of measures take effect, which support our economy and everyday Australians.

This year, further income tax relief worth up to $1,080 is being delivered for more than 10 million low and middle-income earners.

From 1 July, the tax rate for small and medium companies (turnover below $50 million) decreases from 26% to 25%.

This means small businesses will have their lowest rate in 50 years.

The Government is further supporting small businesses by extending its temporary full expensing and temporary loss carry-back measures.

From 1 July, an additional 30,000 first home buyers are being supported, through:

* the First Home Loan Deposit Scheme – helping first home buyers buy a home with a deposit of 5%;

* the New Home Guarantee – helping first home buyers get a newly built home with a deposit of 5%; and

* the Family Home Guarantee – helping single parents get a home with a deposit of as little as 2%.

From 1 July, the Superannuation Guarantee for workers is increasing to 10%.

Australians will also benefit from the Your Future, Your Super reforms taking effect this financial year.

These will save workers $17.9 billion over 10 years, by removing unnecessary waste and increasing fund accountability and transparency.

Other changes coming into effect from 1 July include:

* Greater incentives for Research and Development by Australian firms;

* Tax relief for small brewers and distillers;

* Automatic mutual recognition of occupational licences for tradies in NSW, Victoria, ACT and the Northern Territory (benefiting up to 168,000 workers); and

* Greater flexibility for self-managed superannuation funds.

For more information about measures being introduced on 1 July, click here. (https://www.liberal.org.au/latest-news/2021/07/01/key-measures-take-effect-lower-taxes-and-create-jobs)

The Morrison Government will continue working to ensure we secure our economic recovery and support everyday Australians.