There are some important changes for businesses coming up with the new financial year. Here’s a checklist…
* National Minimum Wage increase: The National Minimum Wage is increasing by 4.75 per cent, bringing the new rate to $26.44 per hour, or $1,005 per week. Make sure you’re ready to apply the updated pay rates from your first full pay period in July.
* Business name and company fees increase: In line with an increase in the Consumer Price Index (CPI) for the March quarter, the Australian Securities and Investment Commission (ASIC) will increase business name and company fees.
* Payday Super: From 1 July 2026, employers must pay their employees’ superannuation at the same time as wages, instead of quarterly.
* Keep your text messages trusted and recognised: A new SMS Sender ID Register is coming from 1 July 2026. If your business uses branded SMS, make sure you’re set up through your telco or messaging provider to stay compliant.
* Small Business Super Clearing House closing: The Small Business Super Clearing House is closing for good on 1 July 2026. To avoid disruption, you’ll need to transition to a new super payment solution now. Don’t forget to wrap up payments and save your records.
* Turn losses into refunds with loss carry back: Loss carry back is returning from 1 July 2026. Eligible companies can offset losses against earlier profits and claim a tax refund, giving a much-needed cash flow boost during challenging periods.
* Paid Parental Leave: From 1 July 2026, Paid Parental Leave will increase to 26 weeks. While payments are government-funded, you may need to plan for longer staff absences.
* Anti‑money laundering rules: From 1 July 2026, updated anti‑money laundering laws will apply to more businesses. Depending on your services, you may need to enrol with AUSTRAC and take on new responsibilities like verifying customers, keeping records, and reporting certain transactions.
* Instant asset write-off extended permanently: The $20,000 Instant asset write-off will be permanent from 1 July 2026. Small businesses with turnover up to $10 million will be able to immediately deduct eligible assets costing less than $20,000.
Head to business.gov.au to read the full article on changes from 1 July 2026 that affect Aussie businesses.
