Your Knowledge June

This month’s edition covers several important developments for both businesses and individuals as we approach the end of the financial year.

We’ve put together an article on a key change coming for business owners. Managing payroll, cash flow, and compliance obligations is already a significant responsibility — and from 1 July 2026, a major change to Australia’s superannuation system will add another important requirement to that list. The Federal Government is introducing Payday Super, a reform aimed at closing Australia’s estimated $6.25 billion unpaid superannuation gap and ensuring employees receive their super contributions closer to the time they actually earn them.

We review the increase to superannuation contribution caps from 1 July 2026, including changes to concessional and non-concessional contribution limits, and the opportunities these updates may create for individuals looking to optimise tax-effective superannuation contribution strategies before and into the new financial year.

We discuss the ATO’s updated electric vehicle (EV) home-charging rate, which will increase from 1 July 2026 for income tax purposes and from 1 April 2026 for FBT purposes. The revised rate may provide larger deductions for work-related vehicle claims and could also affect Fringe Benefits Tax calculations for employers providing EVs through company vehicles, novated leases or salary packaging arrangements.

We also look into the Federal Government’s targeted support measures for businesses impacted by fuel supply disruptions linked to ongoing conflict in the Middle East. The package includes practical relief through the ATO, such as flexible payment arrangements, interest and penalty remissions, PAYG instalment variations and temporary reductions in compliance activity, helping affected businesses manage short-term cash-flow pressures.

With scam activity continuing to rise ahead of tax time, we outline the ATO’s new “Verify Call” feature available through the ATO app. This simple but effective tool allows taxpayers to instantly confirm whether a phone call claiming to be from the ATO is legitimate, providing an additional layer of protection against increasingly sophisticated impersonation scams.