MBF President Update July 2026
- Jul 6
- 2 min read
Hi Everyone,
July 1 ushers in a new financial year – and a raft of changes that will affect both workers and businesses. Here’s what you need to know.
Modest tax cuts are coming
From July 1, the current lowest income tax rate, which applies to income from A$18,201 to $45,000, will be reduced from 16% to 15%.
New ‘instant’ $1,000 tax deduction
While it still has to pass parliament, the federal government has proposed an “instant” $1,000 work-related tax deduction to start this financial year. That’s higher than the little-known $300 limit on receipt-free work deductions available already.But be warned: if you’re among the majority of Australians who claim more than $1,000 in work expenses, you’ll be better off still collecting those receipts and claiming the way you have before.
National minimum wage increase
Around 2.8 million of Australia’s lowest-paid workers will get a 4.75% pay rise from July 1. The national minimum wage will rise from $24.95 an hour to $26.44, or up from $948 a week to $1,004.90 per week.
Payday super
From July 1, all Australian businesses need to pay their employees’ superannuation on the same day as they pay salaries.
If you’re an employer worried about meeting the July 1 deadline, you can find more resources here.
Parental leave pay changes
The length of paid parental leave is increasing slightly, by ten days, to a total of 26 weeks from July 1, and the payment will increase to $1,004.70 per week paid by the Government.
Instant asset write-off extended
For small businesses, an instant write-off for assets costing less than A$20,000 will be extended permanently from July 1. This applies to small businesses with annual turnover of less than $10 million.
SMS register to fight scams
For years, scammers have used a simple trick to lure people into clicking links they shouldn’t. From July 1, those scam text messages should show up on your phone under a single, “unverified” message thread.
Anti-money laundering rules widened
Updated laws covering anti-money laundering and counterterrorism financing will apply to real estate professionals, lawyers, accountants and conveyancers and some other businesses. These services will need to register with the regulator, AUSTRAC, and meet certain requirements, such as checking the identity of customers and reporting certain transactions.
For further support you and your business through the coming months, we are hosting three great events this July. I highly encourage you to join us to connect, plan, and grow together:
Thank you.
Alison Carroll
President
