Key Tax, Super, and ASIC Changes Taking Effect on 1 July 2026

A new financial year brings significant updates to the Australian tax and regulatory landscape. Major legislative changes take effect on 1 July 2026, impacting personal income tax, work-related deductions, superannuation, and company corporate fees.

Here is a summary of the key changes and how they may affect you.

 ASIC Company Fee Increase

If you operate through a corporate structure, note that the Australian Securities and Investments Commission (ASIC) has updated its annual regulatory fees.

• The Change: The ASIC Annual Review fee for a standard proprietary company increases to $342.00 for review dates landing on or after 1 July 2026.
• The Impact: Ensure your company payment details are updated to reflect this new amount to avoid late payment penalties.

ASIC Business name registration Fee Increase

In addition, ASIC are also increasing their fees on business name registrations from 1 July 2026:

• Registration or renewal for one year will increase from $45 to $47.
• Registration or renewal for three years will increase from $104 to $108.​

National Minimum Wage Increase

From 1 July 2026, the National Minimum Wage will increase by 4.75%. This means the new National Minimum Wage will be $26.44 per hour, or $1,005 per week.

This increase will apply from the first full pay period starting on or after 1 July 2026. This means if your weekly pay period starts on Thursday, the new rates will apply from Thursday, 2 July 2026.

Personal Tax Cuts: More Take-Home Pay

The lowest marginal tax rate has officially decreased to provide cost-of-living relief.

• The Change: The tax rate drops from 16% to 15% for income between $18,201 and $45,000.
• The Impact: Every taxpayer earning over $45,000 will automatically save up to $268 per year. Employers will adjust PAYG withholding tables, meaning you will see this relief reflected in your regular take-home pay.

The New $1,000 Standard Deduction

Claiming work-related expenses on your tax return is now simpler.

• The Rule: A new standard deduction replaces the old $300 receipt-free threshold. You can now claim a flat $1,000 deduction on your tax return without keeping receipts.
• The Strategy: If your actual work expenses exceed $1,000, you can still choose to itemise and claim the higher amount. However, you must keep full records and receipts to substantiate those higher claims.

         Note: Some deductions can be claimed in addition to the $1,000 including investment expenses, donations, union fees and income protection insurance premiums so please keep all details of those expenses. The measure will commence on 1 July 2026 and apply to the 2026–27 individual tax return. The standard deduction does not apply to the 2025–26 individual tax return.

Major Superannuation Updates

Several updates target employer compliance, contribution caps, and high-balance accounts.

• Payday Super is Here: Employers must now pay Superannuation Guarantee (SG) contributions at the exact same time they process regular wages, replacing the old quarterly cycle.
• Higher Contribution Caps: Due to indexation, you can now contribute more to your super. The annual Concessional Cap rises to $32,500, and the Non-Concessional Cap increases to $130,000.
• New $3M+ Balance Tax: Individuals with a Total Super Balance above $3 million will now face an extra 15% tax on earnings corresponding to the portion exceeding that $3 million threshold.

Small Business Incentives

Small businesses gain access to structural cash flow supports to encourage investment.

• Instant Asset Write-Off: Businesses with an annual turnover under $10 million can permanently write off eligible assets costing less than $20,000 immediately, rather than depreciating them over time.

Looking Ahead: Long-Term Changes

The Federal Budget has also legislated further changes to take effect on 1 July 2027. These include a further drop in the bottom tax rate to 14%, the introduction of the $250 Working Australians Tax Offset (WATO), and modifications to negative gearing and capital gains tax rules. Please keep an eye on our newsletter for changes as they get through.