Upcoming & Recent Changes

Same Day Super 

Employers are now required to pay superannuation within 7 days of pay date. This is in effect from 1 July 2026

Capital Gains Tax & Negative Gearing

Changes to Capital Gains Tax & Negative Gearing are due to be in effect from 1 July 2027. A each client's circumstances are different, we encourage you to contact our office to discuss how the proposed changes may effect you.

Payments to Superannuation

From 1 July 2026 Concessional contributions are capped at $32,500

From 1 July 2026 Non-Concessional contributions are capped at $130,000

Depending on age and super balance you may be able to contribute higher amounts. Contact our office for further information.

Accumulation of Superannuation

The Transfer Balance Cap has increased to $2.1 Million from 1 July 2026. The Transfer Balance Cap is the maximum amount that can be transferred to retirement phase. 

$3 Million Super Cap (Division 296)

Division 296 is an additional tax on balances above $3 Million. The cap is per individual not fund. The tax applies to taxable earnings from 1 July 2026.

Ordinarily superannuation earnings are taxed at 15%.

For balances over $3 Million, an additional tax of 15% applies (30% in total).

For balances over $10 Million, an additional tax of 25% applies (40% in total).

The balance applies to both public funds and SMSFs. It is based on your total super balances as at 30 June 2026.

If you believe that you may be effected by this legislation, do not hesitate to contact our office to review your circumstances and provide any recommendations.

$1,000 instant tax deduction

The instant $1,000 deduction for work related expenses does not apply for the 2026 financial year.

It is expected to form part of the 2027 income tax return.

It is recommended to continue to keep records of all work related expenses.