End of Financial Year

Business News
Growing a Business
Managing a Business
Tax

The end of the financial year always brings a checklist, but 2026 carries more weight than recent years. Alongside the usual housekeeping, several significant reforms commence on 1 July. Here’s what we’re helping clients tackle before 30 June, and what to keep on your radar for the new year.

Before 30 June

Book a tax planning session with the Elevate team. A short conversation before year-end is the difference between reacting to a tax bill and managing it. We can model your position and flag deductions or timing opportunities while there’s still time to act.
Pay super contributions early. To claim the deduction this year, contributions must be received and allocated by the fund before 30 June, not simply paid on the day. Allow several business days for processing.
Review debtors and write off bad debts. Writing off genuinely unrecoverable debts before 30 June brings the deduction into this financial year.
SMSF asset valuations. Non-listed assets held in your SMSF must be reported at market value each year. With Division 296 ahead, your 30 June 2026 values carry extra weight.
Review pay rates. The Fair Work Commission has confirmed a 4.75% increase to award and minimum wages from the first full pay period on or after 1 July. Check your rates and budget for the uplift now.
Build a budget for the new year. A simple forecast gives you something to manage cashflow against, especially useful given the changes below.
Replace the Small Business Superannuation Clearing House. The ATO’s free clearing house closes for good on 30 June 2026. If you still rely on it, line up an alternative before then.

From 1 July

Payday Super. Super must reach the fund within seven business days of each payday rather than quarterly. The cashflow shift is real so make sure your payroll timing and processes are watertight.
Single Touch Payroll finalisation. Lodge your STP finalisation declaration to close off the year for your employees.
AML/CTF reforms. Tranche 2 obligations commence for many professional services, including accountants, that provide designated services. If you’re captured, you’ll need to enrol with AUSTRAC (enrolment closes 29 July), appoint a compliance officer and maintain an AML/CTF program.
Division 296. An additional 15% tax applies to earnings attributable to the portion of super balances above $3 million (with a further tier above $10 million), commencing in 2026–27. First assessments follow 30 June 2027.

Not sure how to navigate end of financial year and the incoming changes? Get in touch with the Elevate team — let’s make sure you start the new financial year on the front foot.
https://elevateaccounting.com.au/contact-us/