There’s more to June 30 than preparing for tax time. The new financial year brings significant changes that could leave you better off.
Nothing stands still for long in the world of money, and the 12 months ahead will be no exception. Here are key changes coming our way that could see you save – or make – money in the new financial year.
Money commentator, author and Channel Nine’s Money Editor and the editor of The Australian Women’s Weekly Money Matters magazine, shares her tips for tax time.
The $1000 instant deduction – good deal or tax trap?
July 1 will see the launch of the $1000 instant tax deduction. It lets working Aussies claim $1000 in work-related expenses without having to stump up receipts, building on the $300 instant deduction that’s already in place. But is it really such a good deal?
We all like to save on taxes, though a $1000 deduction is not the same as a $1000 refund. It just reduces your taxable income.
Most taxpayers will get about $205 back, and around 3.3 million women are expected to pocket a tax saving of $200. Any savings are welcome, of course. However, there are a couple of catches! First, this will not affect your tax return until 2027.
Second, Tax Office figures show Australians claim an average of $2700 in work-related costs each year, far more than the $1000 instant deduction. That’s why it can still be worth holding on to receipts for work-related expenses if you think you’re likely to claim more than $1000.
On the flip side, if you usually have very few work-based expenses, the $1000 instant deduction could be a time – and tax–saver.
Phone bills – it really is time to shop around
The big three telcos have dialled up their charges this year. Vodafone prepaid plans climbed by about $5 per month, and Optus raised its postpaid charges by $5. Meanwhile, not to be outdone, Telstra jacked up most plans across the board by about $5.
Some plans will come with extra data, but chances are you won’t need or use this. The average Aussie uses less than 15GB a month.
The thing is, you don’t have to just wear the price hikes. Smaller telcos that use the same towers as the big brands can see consumers halve their phone bills.
The catch is the possibility of capped speeds and, depending on where you live, reduced coverage. However, if you’re comfortable with this, the savings could be big. Let’s say you’re on a postpaid plan with 50GB. Telstra customers who switch to Tangerine can pay $44.90 a month for a basic plan instead of $74, a possible annual saving of more than $349.
If you’re with Optus, you could pay $40 a month (for 50GB) or switch to SpinTel and pay $29 monthly – potentially saving $132 annually.
And Canstar estimates that if you’re currently with Vodafone ($53 monthly), swapping to Felix ($30) could see a yearly saving of $276.
More good news: from June 30, new rules have scrapped the “99% coverage” marketing fluff. Instead, you’ll see a simple traffic light system: Good, Moderate, Basic or no coverage. That should be a big help if you want to change providers, because if the signal is basic, the price shouldn’t be premium.
$1.9 billion in easy-as energy savings up for grabs
The winding back of state and federal energy rebates will likely push up power bills this year. Despite this, many of us are still not shopping around for a better deal.
A Roy Morgan survey shows that just one in six (16%) households nationally have moved to a new power provider over the last year. It means plenty of us could be missing out on lower electricity bills.
Cutting power costs could be as simple as taking a look at the front page of your latest bill.
Electricity companies are legally required to include a message letting you know if you’re on the provider’s lowest-priced plan.
The Australian Competition and Consumer Commission (ACCC) says around 6.7 million customers across Australia – 73% of households – receive a message saying they could save by switching to a cheaper plan.
Canstar crunched the numbers, finding these households could collectively save a whopping $1.9 billion annually simply by acting on the ‘better offer’ notification.
ACCC data shows that making the move could see you save an average of $291 annually, and possibly up to $490. So, how do you get the ball rolling on savings?
First, check your power bill. Details on whether you’re on the cheapest plan from your provider will be in a box on the first page. If you aren’t, the amount you could save a year will also be listed.
Next, visit your provider’s site to find the cheapest plan for your household. If you’re not sure, call them and ask.
Then, phone or email your provider asking to switch to the cheapest option available.
It’s also worth checking options beyond your current provider. You may be able to save more with another electricity provider. Jump on to the energymadeeasy.gov.au site for the cheapest deals in your area.
Time to get started on saving!
A few simple steps can be all it takes to make solid savings in the new financial year. And as the cost-of-living crunch drags on and household bills are squeezed further, every bit extra counts. Here’s to a prosperous new financial year.
Five quick wins for 2026-27:
The new tax year brings with it several ways in which you can save some cash.
Payday Super
From July 1, your boss has to pay your super contributions when you get paid rather than quarterly. That’s a big win! The sooner the money hits your fund, the sooner it starts earning returns.
The Solar Sharer Offer
Available from July in New South Wales, Queensland and South Australia, with other states to follow, the Solar Sharer Offer lets homes with smart meters benefit from the massive amount of rooftop solar power being pumped back into the grid. The scheme provides access to three hours of free power in the middle of the day. It could shave $1100 from your annual power bill.
No more card surcharges
Those pesky surcharges on debit and credit card purchases will end in October. It’s set to save Aussie consumers $1.6 billion!
A tax cut
From July 1, 2026, the 16% tax rate that applies to incomes between $18,201 and $45,000 will fall to 15%. That will save a worker, on average, around $268 annually.
Higher super contribution limits
From July 1, you’ll be able to claim a tax break on $32,500 worth of before-tax super contributions, up from $30,000 in 2025-26. This total includes your employer’s contributions and any salary-sacrifice contributions made from your before-tax wage, but it can be a great way to grow a nest egg and pocket a tax saving today.
Effie Zahos is a money commentator, author and Channel Nine’s Money Editor.
Information is correct at the time of writing. Any advice provided is general in nature and does not take your personal circumstances into consideration. Readers should seek their own financial advice.
This article originally appeared in the June 2026 issue of The Australian Women’s Weekly. SUBSCRIBE so you never miss an issue.
