This year brings some of the most significant tax and superannuation reforms in years, with several changes commencing from 1 July.
The biggest shift is Payday Super, alongside payroll, reporting and system changes that will require earlier planning and tighter processes.
From 1 July, super must be paid at the same time as wages, with Super Guarantee contributions reaching employees’ accounts within seven business days of each payday. Super will be calculated at 12% of qualified earnings, with expanded reporting via Single Touch Payroll, and SuperStream messaging upgrades from 1 July 2026 to reduce rejected contributions.
Employers should review payroll software, confirm employee and fund details, test more frequent payments now and also plan for the closure of the Small Business Superannuation Clearing House on 1 July 2026, particularly if currently paying super quarterly, as cash flow impacts may be significant.
Other changes include lower individual tax rates from 1 July 2026 requiring payroll updates, and the introduction of Better Targeted Superannuation Concessions for high-balance super accounts from 1 July 2026, with higher earnings tax rates above $3 million and $10 million thresholds.
For help preparing for these changes and managing the impacts on payroll, cash flow and compliance, contact Carrick Aland in Dalby, Toowoomba or Chinchilla.
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