You closed the books on 30 June, breathed out, and maybe took a weekend off. Good. Now the new financial year 2026 is here, and the first few weeks of July quietly set the tone for the next twelve months. The owners who get ahead in July are the ones who treat it as a fresh start rather than a clean-up job.
Just so we are clear on the label, the year running from 1 July 2026 to 30 June 2027 is technically FY2027, though most of us still think of it as the new financial year we step into in 2026. Whatever you call it, the July tasks are the same.
Here at Angkor CA in Carnegie, we see the same pattern every year. The businesses that diarise their July dates early, tidy their books while last year is still fresh, and reset their numbers tend to have a far calmer tax season. Let’s walk through what to do.
What changes on 1 July 2026
A few things shift the moment the new financial year 2026 begins, and they affect payroll directly.
- Payday Super starts. From 1 July 2026, the Payday Super rules under the Superannuation Guarantee (Administration) Act 1992 require super to be paid at the same time as wages, not quarterly, and the contribution generally needs to reach the fund within seven business days of payday. If you pay weekly, you now pay super weekly.
- Minimum wages rise. The Fair Work Commission lifted the National Minimum Wage and modern award rates from the first full pay period on or after 1 July 2026. Check your pay rates against the updated awards so you are not underpaying.
- The super guarantee rate stays at 12 percent. The rate itself does not change this year, but how and when you pay it does under Payday Super.
If you have staff, these three points alone are worth a short payroll review in the first week. You can confirm the current rules on the Fair Work Ombudsman website and the ATO’s Payday Super page.
July compliance dates to diarise now
Put these in your calendar before anything else. Missing a lodgement date is the most common, and most avoidable, July mistake.
- Q4 BAS (Apr to Jun): generally due 28 July 2026 if you lodge yourself. If we lodge for you, a later concession usually applies.
- Final quarterly super for the April to June quarter: due 28 July 2026. This is the last payment under the old quarterly system before Payday Super takes over. Note that July 2026 may bring two super obligations: this final quarterly payment, plus your first payments under Payday Super.
- STP finalisation: the deadline for your end-of-financial-year Single Touch Payroll finalisation declaration is 14 July 2026. Finalise as early as you can so your employees’ income statements show as Tax ready and they can lodge their returns.
- PAYG instalment and monthly IAS dates: if these apply to you, note your own due dates so they do not slip.
EOFY close-out items to finish first
Before you race into new-year planning, close last year off properly. A clean cut-off makes your tax return faster and cheaper to prepare.
Finalise your stocktake if you carry inventory, lock in your debtors and creditors at 30 June, reconcile every bank and credit card account to that date, and make sure any asset purchases are recorded in your asset register. These are the details that hold up a tax return when they are missing.
Fresh-start bookkeeping for the new financial year 2026
With last year sealed, set this year up to run smoothly from day one. A little structure in July saves hours later.
- Reconcile your opening balances so the new year starts clean.
- Review your chart of accounts and tidy any categories that became messy last year.
- Reset your budget and cash flow forecast, factoring in the higher wage and super costs from July.
- Check your subscriptions, insurances, and supplier contracts for renewals you can review while you are in the numbers.
What to review before your tax return is lodged
You do not need to lodge in July, and rushing rarely helps. Use the time instead to gather what your accountant will ask for: income records, deductions, super paid, PAYG withholding, GST, and any asset purchases. The business.gov.au end of financial year checklist is a solid reference for what to pull together.
If you are an individual lodging your own return, pre-fill data from employers and banks usually lands with the ATO through July, so waiting a few weeks often means less manual entry and fewer errors.
When to bring your accountant in
July is the ideal month to talk, while the year is fresh and there is time to plan rather than react. A short conversation now can flag the Payday Super changes, confirm your lodgement dates, and set your numbers up for a smoother FY27.
If you would like a hand getting the new financial year 2026 off to a clean start, our team is here. Have a look at our accounting and advisory services, or reach out through our contact page and we will take it from there. No pressure, just a clear plan for the year ahead.
Angkor CA, Carnegie, Melbourne. Call 1300 888 168 or email [email protected].
This article contains information that is general in nature. It does not take into account your specific circumstances and should not be relied upon as a substitute for professional advice. Angkor CA is not liable for any loss caused, whether due to negligence or otherwise, arising from the use of, or reliance on, the information provided.