"Chinatown" news.china.com.au-Official media of Chinese Australians
Australia’s new fiscal year will start from2017/7/1The official start, which means that another wave of new policies will be officially implemented. So, what policy changes in the new fiscal year will affect us living, studying, immigration and investing in Australia? The editor specially compiled these new policies that are closely related to our lives, let’s take a look!
Visa fees rise across the board
Starting on July 7 this year, Australia’s visa fees have increased again by approximately2-4%. However, the visa fee increase this time is only a small adjustment, which is based on the degree of inflation. This is just a piece of cake compared to the previous drastic immigration bill and the sharp increase in tuition fees. However, this time the cost increase is expected to bring more than A$4 million in revenue to the government in the next four years. Let's take a look at the fine-tuned prices for various types of visa fees:
*Only applicable to the first payment of the visa fee for the first and second applicants, not the second payment of the visa fee.
In addition, the government also intends to introduce newtemporaryParent visa, Which is mainly aimed at parents who have immigrated to Australia. It has been submitted to the House and may be introduced by the end of the year.从2017年11月开始，3年的探亲签证需要支付5000澳元，5年的签证更是要价1万澳元！It makes people itch when they see the 2017 number.
Immigration Bureau officially abolished the exit card
No need to fill in this stuff finally!
The Australian Immigration Service announced that the departure card will be officially abolished on July 2017, 7!
And Australia will gradually adopt electronic customs clearance! In the future, entry and exit will be faster and more convenient. When parents travel to and from Australia, they will no longer be confronted with a complex entry and exit system.
First time home buyers have subsidies
从7月1日起至2020年6月30日，首次置业者在维州的Ballarat和Geelong等边远郊区，购买低于75万澳币的新房，可以获得A $2 subsidy(Before it was 1)!
And, from this day on, first-time home buyers and home buyersNo stamp duty is required to purchase properties under $60 in Victoria(Regardless of new or second-hand houses, including detached houses, townhouses, apartments and off-the-plan properties); real estate purchases between $60 and $75 will enjoy proportional stamp duty discounts and exemptions. This can help first-time home buyers save 5% of house prices. That isBuying a house worth 60 can save $15535!
The other good news is that starting from July 7, the Australian government will implementTax relief policy,canDeposit part of your pre-tax salary into your pension account, As savings funds for their first home purchase, this part of funds can beEnjoy tax incentives for pensions, Each person's annual deposit shall not exceed 1.5 Australian dollars, and the total shall not exceed 3 Australian dollars. Is it to use a retirement fund to deposit down payment? Or enjoy stamp duty reduction? First-time buyers have to think about which is more cost-effective!
Increase in stamp duty for investment off-plan properties
For investors who want to buy uncompleted properties, this day is undoubtedly bad news. Previously, Victoria was the only state in Australia that had a preferential stamp duty exemption policy, but from July 2017, 7, buyers of Victorian investment properties will purchase off-plan propertiesWill no longer enjoy stamp duty relief, Both need to pay 5.5% of the full contract stamp duty. Previously, only the land part had to be paid. The new regulations apply to all overseas buyers and local buyers. Overseas buyers would have to charge an additional stamp duty of 7%. When the new and old are added together, you will have to pay 12.5% stamp duty for buying an off-plan property. Therefore, you must rush to buy a house before this day and catch the last stamp duty-free train, otherwise you will have to pay tens of thousands of taxes every minute!
One more notice, don’t forget that a property vacancy tax will be levied on January 1 next year.For properties that have been left unoccupied for more than 6 months within a year, 1% of the value added will be handed in.
Overseas investors who sell more than 75 houses must pay 12.5% withholding tax
Overseas investors have to encounter a hurdle when selling houses-Federal governmentThe value-added withholding tax has to be raised from 10% to 12.5%, and properties of more than 75 will have to be paid. Previously, luxury homes of more than 200 million Australian dollars had this additional procedure. 75, Melbourne's mid-priced house has exceeded 80, okay!
Moreover, the tax obligation is borne by the buyer, which means that no matter what your status is, you will be responsible for deducting 75% of the purchase price to the tax bureau if you buy more than 12.5 real estate from overseas investors. , As withholding tax. If the seller can provideA tax clearance certificate(Clearance Certificate), if you prove that you are not an overseas investor and an Australian tax resident, the buyer does not need to worry about withholding.
This policy is undoubtedly intended to limit the tax avoidance of overseas real estate speculators. If the tax bureau does not receive the money, and the overseas seller sells the house and ran away, then you are the buyer who is unlucky every minute, with 12.5% of the house payment and 8% to 10% interest in a year. Who can You can bear it, so be careful when buying properties from overseas sellers!
CRS is here to crack down on cross-border tax evasion
On July 2017, 7, the domestic "Administrative Measures on Due Diligence of Tax-related Information on Non-resident Financial AccountsWill be officially implemented. This is the Chinese version"Standard for Automatic Exchange of Tax-related Information on Financial Accounts"(Referred to as "CRS") international tax regulations, the affected people are mainlyPersons with overseas status or foreign assets, As long as it is an international student who has a deposit in Australia, PR and TR will be affected.
How will this document affect the Chinese?
If you are a tax resident of Australia,The Chinese tax authorities will notify the Australian tax authorities of your hidden assets in China.If you have not truthfully declared your assets and taxes to the Australian tax authorities,Then you may face tax payment, fines, and even criminal liability.
If you are a Chinese tax resident and have financial assets abroad(Including: deposit accounts, custody accounts, cash value insurance policies, annuity contracts, securities accounts, futures accounts, holdings of equity/debt rights of financial institutions, etc.),These asset information will be controlled by the China Taxation Bureau.
The time for the first external exchange of information will be2018/9, There are still more than a year away, but this information will begin to be collected from July 1 this year.
In short, in the future, how much assets we have overseas and how much money we deposit in banks, Chinese tax authorities can know from Australian financial institutions. If someone wants to evade tax, launder money or hide assets overseas, it will be difficult in the future. .
Increase in stamp duty on new car purchases
From July 7st, Victoria will increase the stamp duty for buying new cars, and the cost of buying new cars will increase1%, From the original market priceEvery A$200 needs to pay a stamp duty of A$6.4 up to A$8.4.
This means that the same stamp duty will be levied on old and new cars, which means that the cost of buying a 23,000 AUD Toyota Corolla will increase by 230 AUD, and the stamp duty will increase from 736 AUD to 966 AUD.
There is also a new policy related to cars. From July 7st, Victoria P drivers can drive V1 sedans and some turbocharged and supercharged vehicles, but still cannot drive super sports cars. Novices should pay attention!
Bitcoin becomes legal currency
The Australian Bitcoin market will usher in its spring from July 7st. The Australian government previously announced that from this day onwardsBitcoin becomes legal currency,andCancel its GST(Goods and Services Tax). Bitcoin traders and investors who buy and sell Bitcoin will no longer be levied twice GST.
This means that Australia hopes to drive the development of financial technology and digital currency markets, and it is in exchange with Japan and South Korea, which control more than half of the global bitcoin trading market. It is foreseeable that the Australian Bitcoin market may usher in rapid growth in user base and transaction volume. Are those who want to invest ready to give it a try?
Seeing a doctor is cheaper
Since July 7, it has been criticized by the medical community and ordinary peopleMedicare Rebate Program(Medicare rebate, refers to the medical service fee charged by the doctor to the patient for reimbursement for the patient, and compensation from the government) finally startedDefrost graduallyUp. This means that more patients can choose medical companies that do not have to pay for bulk-billing general practitioners, and it can be said that it is cheaper to see a doctor.
Moreover, the government will launch the Medicare Guarantee Fund, which will cover specialist doctors and other necessary medical services in the next four years. This is undoubtedly a win-win for patients and the pharmaceutical industry.
The government also stated that it would retain the scope of bulk-billing, including blood tests, medical imaging (X-rays, etc.) and Pap smears, and promised to gradually expand the coverage of these medical insurance rebates.
Increase the starting age for pension
Australia will become one of the developed countries in the world,The country with the latest retirement age for residents. From July 2017, 7,The pension age for Australian residents will gradually be postponed.Originally 65 years old can be eligible, but starting from this date, Australian residents must be 65 years and 6 months old to receive a pension, and the retirement age will be between July 2017 and July 7. Delayed by half a year for two years; from 2023 to 7, delayed by half a year every year,Until the age of 70. Moreover, if pensioners stay abroad for more than 6 weeks, they will stop paying their pensions.
The government stated that this policy can maintain the "sustainability" of the pension system and save the government 36 billion Australian dollars. But for some manual workers, the extension of retirement age is definitely bad news. For example, construction workers, miners or farmers may have to work hard until they are 70 years old before they can start to enjoy their pensions. I have to go to work at the age of 70. I feel desperate to think about it!
Although most residents in Australia have to work hard to gradually delay their retirement age, in sharp contrast, Australian politicians can still receive pensions after they reach 60! Is this a double standard!
Pension system reform
Beginning on July 7, major reforms will take place in the pension system, aimed at reducing tax avoidance opportunities for high-income earners and promoting a fairer and more sustainable development of the pension system.
The pension system reform mainly includes:
- Set an upper limit of A$160 million for tax-exempt pension accounts;
- The annual income threshold for high-tax pensioners has been reduced from A$30 to A$25;
- The annual cap on concessional contributions is reduced to A$2.5, regardless of age;
- The three-year upper limit of the "pre-use limit" for after-tax payment has been lowered to 30 Australian dollars, and the annual upper limit has been lowered to 10 Australian dollars.
Myki's maximum fine for fare evasion doubled
In order to combat frequent fare evasion, the Victorian government will more than double the maximum fine for fare evasion starting in July.Increased from 777 Australian dollars to 1585 Australian dollars.However, this increase in fines is only applicable to penalties made in court. People who occasionally forget to swipe their cards to be caught can breathe a sigh of relief. The general fine for violations is still A$229.
Intensify efforts to impose taxes on imported goods (draft)
The Australian government plans to start on July 7Consumption tax is levied on imported goods under A$1000, The era of free entry for low-priced goods is coming to an end, and every penny must be taxed. Everyone who likes shopping online, this means that every item you buy will be 10% more expensive. The government is now going to Malaysia to dispel your desire to shop!
The government stated that this is to help local businesses, especially small retailers, hoping to create a fairer tax system for them. However, the current bad news is only a draft, and many multinational companies have expressed opposition; for consumers, this new regulation not only increases our costs, but also requires an additional process to identify imported goods that meet tax regulations. Obviously lead to slowing down the speed of customs clearance and delivery time.
For example, if you want to buy a book on Amazon, you would need 22.57 Australian dollars plus 14.72 shipping. But after July 7st, in addition to the 1 GST, we will also have to bear the additional cost of levying taxes by a person of 3.73 Australian dollars. Finally, the book needs 14 yuan to get it, and we need to pay 55.02% more to buy a book. Not much to say, just buy it before July 48st!
Opposing the reduction of personal income tax for vaccinated families
Starting from July 7, families of children who have not been vaccinated as required will receive a reduction of A$1 per fortnight and A$28 per year.
Overtime pay cut on Sunday
The Australian Fair Work Commission announced that from July 7 this year,The standard for Sunday overtime pay for staff in the hotel industry, retail industry, fast food industry, and drugstore will be lowered.Most of the revised overtime pay standards will start on this day and be implemented in phases over four years, but only this year will be introduced5% small reduction. Working in Australia is really getting harder and harder!
For full-time and part-time employees working in the retail industry and pharmacies, the reduction of overtime pay on Sundays from 200% to 150% will also be implemented in stages until it is fully implemented in 2020. 150% of fast food employees’ Sunday overtime pay will be gradually reduced over the next three years until 2019. During this period, the catering industry employees’ Sunday overtime pay will gradually drop from 175% to 150%.
Australia's legal minimum hourly wage rises to $18.29
From July 7 this year, Australia’s statutory minimum wage will rise by 1%, which is equivalent to an hourly increase of AUD 3.3 to AUD 0.59. The minimum weekly salary of full-time employees will be increased to 18.29 yuan, which is equivalent to a weekly salary increase of 694.9 yuan. The cost of living is rising, but the salary is not keeping up...
There are still more than 7 days before July 1st. If you have enough time to digest and digest, you have to hurry up. Those who buy a house should be as early as possible, and those who want to buy online can also be as early as possible...
These are all policy changes that are closely related to everyone. It seems that almost everything is related to money. Although the medical reform sounds like a lot of benefits for ordinary people, it feels that the cost of living has increased... How is the effect of the New Deal? , Let's wait and see!
News compiled from major government and news websites
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