A wage boost for 2.8million workers, a superannuation change and a tax cut: All the changes coming with EOFY on July 1

By LIZ MINCHIN AND VICTORIA THIEBERGER FOR THE CONVERSATION Published: 02:23, 29 June 2026 | Updated: 02:23, 29 June 2026 July 1 ushers in a new financial year - and a raft of changes that will affect both workers and businesses. From changes in superannuation payments and parental leave to an above-inflation increase in the minimum wage, here's what you need to know. 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 per cent to 15 per cent. So a person earning $45,000 or more will save $268 a year. If you're someone who hates keeping track of receipts, there's good news. 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. Millions of Australians will receive a small tax cut when the lowest income tax rate is reduced from 16 per cent to 15 per cent on July 1 It's forecast to leave about 6.2 million Australians better off than now. 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. Around 2.8 million of Australia's lowest-paid workers will get a 4.75 per cent pay rise from July 1. The very lowest-paid workers - about 100,000 people on entry-level and minimum pay - get a bigger 5.97 per cent pay bump. 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. Yet even after the new rises, Australia's lowest-paid employees will still have less buying power at the shops than they did five years ago. From July 1, all Australian businesses need to pay their employees' superannuation on the same day as they pay salaries.  All businesses will be required to pay superannuation on the day that they pay salaries, under so-called payday super laws It's expected to leave ordinary workers thousands of dollars better off in the long term, while guarding against a persistent problem of super being underpaid. If you're an employer worried about meeting the July 1 deadline, you can find more resources here. 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. The government says this will provide families with more financial support and parents will still need to meet an income test and work test. There's more information for employers on how the scheme works here. For small businesses, an instant writeoff 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. For years, scammers have used a simple trick to lure people into clicking links they shouldn't. You get a message from 'AusGov' and assume it's from the Australian government. In fact, that's a fake 'sender ID' - the identity of who's sending a text - close enough to the real 'myGov' that it has fooled people.  From July 1, those scam text messages should show up on your phone under a single, 'unverified' message thread. While it's a welcome move, it is expected to catch some businesses and community groups off-guard. If they haven't registered their legitimate sender ID by July 1, their messages risk ending up in that 'unverified' scam thread too. Your browser does not support iframes. From July 1, it will be harder for our two largest supermarkets - Coles and Woolworths - to charge 'excessive prices'. A new law has been brought in to increase scrutiny on their pricing practices, following similar rules in the European Union. Penalties will apply for any breach, although 'excessive pricing' may be difficult to prove. Updated laws covering anti-money laundering and counterterrorism financing (known as 'AML/CTF') will apply to more businesses from July 1. The rules will now 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. No comments have so far been submitted. Why not be the first to send us your thoughts, or debate this issue live on our message boards. By posting your comment you agree to our house rules. Do you want to automatically post your MailOnline comments to your Facebook Timeline? Your comment will be posted to MailOnline as usual. 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