End of financial year: Here's the new changes rolling in from July 1

Support for first home buyers, increased cost of living with water, electricity and phone bill hikes, and the approval of psychedelics are just some of the changes coming into effect.

The Newcastle Herald has compiled a list of what you need to know.

Novocastrians are eligible to submit their tax return to the Australian Taxation Office (ATO) from July 1 to October 31, 2023.

Extra cash will pour into support programs ahead of water costs rising on July 1, Hunter Water has confirmed.

The utility provider said it would up its residential support programs to $20 million next month, coinciding with a jump of about $30 in the average water bill in the new financial year, with both residential and wastewater charges due to rise by 7.5 per cent.

"Hunter Water recognises the essential services we deliver to our customers and community, so for anyone who may experience difficulty paying their water bill, we urge them to please contact us as we can work together to find the right support for you," executive manager of customer services Matt Hingston said.

The Independent Pricing and Regulatory Tribunal (IPART) sets charges for water providers.

The new prices will stick until June 30 2025, boosting the typical household's annual bill to $1365 a year. The typical pensioner's bill will be $727 annually once the changes take effect.

Rebates for pensioners will jump to $380 each year, a $26 rise, in a measure expected to cost $1.5 million. The rebate covered 46,000 households during the present financial year, Hunter Water said.

The Australian Energy Regulator has confirmed that electricity prices will increase by up to 25 per cent from July 1.

The change will impact about 600,000 customers in South Australia, Queensland and NSW under three of the country's largest providers - Origin, AGL and Red Energy.

A $500 rebate on power bills will be offered to eligible householders in those NSW, Victoria, Queensland, South Australia and Tasmania earning under $120,000 a year.

Residents in Western Australia, the Northern Territory and the ACT will only get $350.

The Therapeutic Goods Administration (TGA) has given authorisation to psychiatrists to prescribe medicine containing psychedelic substances for certain mental health conditions.

Psilocybin the active ingredient in magic mushrooms, will be approved for treatment-resistant depression and MDMA (3,4-methylenedioxy-methamphetamine) will be prescribed to treat PTSD.

The drugs are known for recreational and illegal use but will be moved in the legal system from the strictest controlled category, Schedule 9 (Prohibited Substances) to Schedule 8 (Controlled Drugs) for medical use only.

From July 1 pharmacists will charge patients a PBS co-payment once a month, up to $30 for general patients or $7.30 for those on concession cards, counting towards the PBS Safety net for methadone or buprenorphine prescriptions.

This includes methadone and buprenorphine brands Suboxone, Subutex, Buvidal and Sublocade.

Previously these medications were the only PBS medications which Australians must pay a daily unregulated fee of up to $15 for dispensing/administration with no access to the safety net.

While the aim of this change is to make these medicines more affordable for people across Australia, Raymond Terrace based pharmacist Tim Mizzi says it was "rushed".

"There's been minimal consultation in the process and the government has wanted to create a cost saving mechanism for patients, so they've rushed policy through, creating a dangerous situation for the patients," he said.

He said there hasn't been enough time to allow for the change which would require extra skills and resources.

"There's been a lack of clarity around how the scheme will transition and there's been increased workload to the pharmacist," he said.

"It's a stressful time for everybody."

Minimum Stockholding Requirements will apply where manufacturers will be required to hold a minimum of either 4 or 6 months worth of stock in Australia for certain PBS listed medicines, referred to as 'Designated Brands'.

This will ensure there is stock onshore, ready to be provided into the supply chain for delivery to pharmacies to meet any temporary increase in demand.

If a pharmacy is running low on medicine, for most medicines, wholesalers are required to deliver to any pharmacy within 24 hours.

From July 4 Telstra consumers can expect a monthly increase of between $3-$6 depending on their type of plan

Those on a 'basic' package' will see a $4 rise on their monthly plans rise to $62 per month, while others with the 'premium' package will see their phone plans rise from $89 a month to $95.

'We know price rises can be hard for some people, especially when cost of living pressures are high," the company website states.

"Increasing our prices means we can continue investing in the things that matter for our customers."

Post-paid mobile customers who receive a concession discount on the Starter Plan will see the discount increased to ensure they are not impacted by these changes and won't pay any more for that plan.

Optus Choice plans hiked from $35 to $49. Other customers paying $30 a month were given the option of choosing to pay $49, $59, or $69 a month.

As of July 1, Australia's minimum wage will be $23.23 per hour.

The 5.75 increase follows a decision from the Fair Work Commission Annual Wave Review for 2022/2023.

The low and middle income tax offset is no longer available for the 2022/2023 income year.

This means low to middle income earners of up to $90,000 may see their tax refunds reduced by between $675 and $1500.

LMITO was a temporary tax cut for anyone earning up to $126,000, with $1500 going to those taking home between $48,000 and $90,000 in 2021-22.

The threshold for the Medicare levy surcharge will be raised this financial year.

For singles, this increases from $90,000 to $93,000 before the tax applies, while for families it will increase from $180,000 to $186,000.

The MLS is a tax that is applied to individuals and families who do not have an appropriate level of private hospital cover, and earn above a certain income threshold.

The super guarantee that employers must contirbute to their workers' retirment savings will increase to 11 per cent from 10.5 per cent.

It will continue to rise by 0.5 per cent every financial year until it reaches 12 per cent in 2025.'

The fixed rate method for calculating your deduction for working from home expenses will be 67 cents per work hour. Previously it was 52 cents.

First home buyers in NSW will save thousands on stamp duty as a new scheme launches on July 1.

People buying their first home in regional centres including Coffs Harbour and Albury where the median house price is between $650,000 and $800,000 will no longer pay stamp duty under the new scheme

The NSW Government's First Home Buyers Assistance Scheme lifts the stamp duty exemption threshold to $800,000 and the threshold for stamp duty concessions to $1 million.

The changes will deliver savings of up to $30,735, according to the NSW Treasury.

Treasurer Daniel Mookhey said the new scheme ensures first home buyer assistance was simpler and fairer.

"These changes will help five out of every six first home buyers pay no stamp duty, or a concessional rate, and delivers a key election commitment," he said.

"We know stamp duty can be a considerable barrier for first home buyers.

"The changes starting today will allow thousands of first home buyers to enter the market sooner and give them a boost when competing with other buyers."

The federal government's childcare subsidy will be increased from July 1, leading to bigger rebates for more than one million families, earning less than $530,000.

The subsidy increases will extend to outside school hours care, according to the policy document.

Prime Minister Anthony Albanese said the childcare changes would make a difference to family budgets.

"How do we make a difference to every Australian? Through cheaper childcare," he said.

"People have been anticipating this change since we were elected in May of last year. You're already seeing, as a result of that, more early learning centres being opened, more people training and getting the skills that they need."

Early childhood group Thrive By Five director Jay Weatherill said the government needed to crack down on unreasonable price rises by operators.

"A small price increase to pay for better early education will benefit children and families and would be offset by an increase in the subsidy, but anything beyond CPI or that doesn't contribute to better quality is unacceptable," he said.

The current entitlement to 18 weeks' paid parental leave pay will be combined with the current Dad and Partner Pay entitlement to 2 weeks' pay.

This means partnered couples will be able to claim up to 20 weeks' paid parental leave between them.

Parents who are single at the time of their claim can access the full 20 weeks.

From July 1, Australia will have to wait until they turn 67 to be eligible for theage pension.

Legislation was passed in 2009 to gradually lift the eligibility from 65 to 67 by July 1, 2023.

The Temporary Skilled Migration Income Threshold (TSMIT) will increase from $53,900 to $70,000.

This means employers looking to sponsor overseas workers will need to offer an annual salary of at least $70,000.

IN THE NEWS:

To see more stories and read today's paper download the Newcastle Herald news app here.