Changes you need to know about.
As we approach the end of financial year, we draw your attention to a few changes that may be relevant to you.
Wage increases
Award wage increases of 4.75% are being applied from 1 July 2026
The minimum award wage has increased by 6% to $26.44 per hour.
It is illegal to employ an adult at an hourly rate lower than $26.44 per hour from 1st July 2026.
These changes will require a manual adjustment to rates within your payroll software for all employees linked to awards from the first pay period in July.
Superannuation
Effective 1 July 2026, Pay Day Superannuation becomes law. Staff Superannuation MUST be paid when you pay staff wages. The ATO small business clearing house is also closing on 30th June. If you are not already doing so, we strongly recommend you utilise your accounting software automated superannuation processing to ensure compliance from 1 July.
If you require assistance, please contact us as soon as possible.
There are no changes to the Super Guarantee, this remains at 12%.
Maximum concessional Super Contributions are again $30,000 and Superfunds have advised that the latest date for payment to ensure the fund receives these contributions in the 2026 income tax year is on or before 25th June 2026. This cap increases to $32,500 from 1 July 2026.
2026 Budget update
The specific details associated with the announced changes to Capital Gains Tax and Taxing of Trusts are progressively being released. We will continue to share these updates as we get them and will discuss implications directly with clients over the coming months.
A couple of immediate changes from 1 July 2026
– The $20,000 instant asset write off will be made permanent.
– The $1000 standard tax deduction for those who earn labour income will come into place.
If you have any queries, please contact your Accountant by emailing admin@patrickrowan.com.au