July 2026 Newsletter
Please click on the following link to view this month's newsletter for July 2026. We would like to highlight the following articles:-
Don’t rush to lodge too early this tax time!
The ATO is urging taxpayers not to lodge their tax return too early this tax time. While some pre-fill data begins trickling through from 1 July, most information isn't finalised until late July to early August. Early lodgers are far more likely to make mistakes, and waiting allows key details — including wages, bank interest, government payments and private health insurance information — to be pre-filled automatically, reducing the risk of errors and giving a smoother result overall.
In the meantime, it's a good time to start gathering your tax documents — receipts, logbooks and private health insurance details — so they're ready to send through to us once you're set to lodge.
Fixing rejected payday super contributions from 1 July 2026
From 1 July 2026, super guarantee contributions must reach an employee's fund within seven business days of payday. If SuperStream rejects a contribution, the underlying issue must be corrected and resubmitted within that same window — a rejection alone doesn't satisfy the deadline.
Most rejections stem from incorrect fund details, USI's, member numbers or TFN's. The clearing house or digital service provider should provide clear error messaging under the SuperStream v3 upgrade.
On rejection, employers should check the error message, correct the employee data, verify fund details via a member verification request, and resubmit promptly — paying into an alternative eligible fund if a stapled fund rejects payment.
Missing the deadline triggers the superannuation guarantee charge (SGC) — the shortfall, compounding notional earnings, and an uplift of up to 60%. The SGC is now tax deductible from 1 July 2026, though penalties and interest are not. Paying the contribution before an ATO assessment can reduce, but not remove, the charge. The ATO has flagged a facilitative approach for genuine compliance efforts, but firmer action for deliberate non-compliance.
Please do not hesitate to contact us if you have any queries in relation to your tax and accounting matters.
Important: Clients should not act solely on the basis of the material contained in Client Alert. Items herein are general comments only and do not constitute or convey advice per se. Also changes in legislation may occur quickly. We therefore recommend that our formal advice be sought before acting in any of the areas. Client Alert is issued as a helpful guide to clients and for their private information. Therefore it should be regarded as confidential and not be made available to any person without our prior approval.