The only constant about tax is change. Dr Adrian Raftery, principal of Mr Taxman and author of 101 Ways to Save Money on Your Tax - Legally! 2026-2027 edition (Wiley, May 2026, AU$32.95), provides us with some of the tax changes coming into play from 1 July 2026.

1.       Payday super

From 1 July 2026, employers will be required to pay their Superannuation Guarantee entitlements within seven business days from paying existing employees’ wages. For new employees there is a 20-business day deadline in paying their first super contribution.

2.       $1,000 standard tax deduction

The 2026–27 Federal Budget proposed an instant tax deduction of $1000 for work-related expenses effective from 1 July 2026. Whilst it may appear to be a great incentive on paper, the majority of taxpayers already claim beyond $1,000 in their tax return each year with receipts and logbooks. This measure is not yet law.

3.       Instant Asset Write-Off now permanent

The 2026–27 federal budget proposed to permanently extend the $20,000 instant asset write-off threshold for eligible small businesses with a turnover under $10 million from 1 July 2026. This measure is not yet law.

4.       Paid parental leave

The amount of Parental Leave Pay available to families will increase by 10 days to 130 days (26 weeks) for children born or adopted from 1 July 2026. The minimum number of days reserved will also rise from 15 to 20 days. 

5.       Loss carry back returns

The 2026–27 federal budget proposed to re-introduce the loss carry back tax offset that allows companies with less than $1 billion turnover to claim back company tax paid in the preceding two tax years from 1 July 2026. Currently businesses must carry forward tax losses to offset profits made in future tax years.  This measure is not yet law.

6.       Goodbye Super Business Super Clearing House

The small business super clearing house will be decommissioned from 1 July 2026 due to improvements in payroll software solutions in recent years.

7.       Transfer Balance Cap rising

From 1 July 2026 there will be an increase to the transfer balance cap – the amount that you can have in a ‘tax-free’ retirement phase superannuation account - from $2 million to $2.1 million.

8.       Div 296 tax begins

The controversial additional 15 per cent tax will start being applied to earnings for superannuation balances above $3 million from 1 July 2026. For balances over $10 million the rate of the additional tax rises by 25 per cent to 40 per cent on earnings.

9.       Super contribution limits lifted

The concessional contributions limit will be lifted from $30,000 to $32,500 for all individuals.   As a result the non-concessional contribution – which is 4 times the concessional limit – will also rise from $120,000 to $130,000.  The three year bring forward rule also increases to $390,000 from $360,000 for individuals under the age of 65 with a total superannuation balance of less than $1.84 million.

10.   National Minimum Wage

From 1 July 2026 the National Minimum Wage will increase by xx per cent to $xx per hour (which equates to $xx per 38 hour week) following the 2025/26 Annual Wage Review.   This information is of a general nature only and does not constitute professional advice. You must seek professional advice in relation to your particular circumstances before acting.

These tips were provided by Mr Taxman, Adrian Raftery, author of 101 Ways to Save Money on Your Tax - Legally! 2026-2027 edition (Wiley, May 2026, AU$32.95). @mistertaxman www.mrtaxman.com.au

 

101 Ways to Save Money on Your Tax – Legally! 2026-2027 edition

By Adrian Raftery

Published by Wiley May 2026

ISBN 9781394375646

AU$32.95

For further information or to request an interview, please contact: Adrian Raftery on 1800 TAXMAN (1800 829 626) or 0418 210 599 adrian@mrtaxman.com.au