Get Ready for the Year Ahead: A Look at Australia’s New Laws

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Those who are downsizing their house post-age 55, those who require specific medicines and all welfare recipients will now reap the benefits of this new initiative.

Indexing welfare payments ensure that everyone in need can access adequate financial resources. Approximately one million welfare recipients will be better off due to a 6.1% rise in payments being indexed into the system.

Youth allowance and Austudy can be bolstered by up to $41.40 each fortnight, while those on the disability support pension could receive an additional increase of $40.70 every two weeks.

The asset test exemption for pensioners, veterans, and other income support recipients has been increased by a whopping 100%, from 12 months to an impressive 24 months!

Access to affordable medications is of the utmost importance for Australians.

Australians can save up to 29% when they purchase their medications through the Pharmaceutical Benefits Scheme (PBS), with the maximum co-payment dropping from $42.50 to a much more manageable $30. Take advantage of this cost-saving measure now and put some extra money back in your pocket!

According to government estimates, if a family is utilizing two or three medications, this measure will result in annual savings of approximately $450.

The Pharmacy Guild of Australia’s president, Trent Twomey, has declared that their new measure will benefit 19 million individuals who struggle with affording medication– including 900,000 people whose script still needs to be filled in 2020-21.

“The measure will increase medication affordability for hard-hit Australians by rising health costs,” Twomey remarked.

Starting on the first of January, those aged 55 and older will be eligible to put the proceeds from their house sale into superannuation as a concession.

Just a week before the May 2022 election, the Morrison government made an announcement pledging support for their policy. After Labor was declared victorious in the election, they followed through on this pledge and passed legislation to solidify it.

“After the election, we committed to ensuring that we delivered on this policy. We are now in a position where it is legislated and will come into effect from July 1,” Mr Morrison mentioned.

Australian seniors aged 55 and above can add up to $300,000 each into their superannuation accounts from the sale of a home – or double this amount as a couple.

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