Advisory Board
Between EOFY, tax planning and simply keeping the wheels turning, it’s been a busy start to the new financial year.
If you’ve spent July focused on running your business [and we’re guessing you have], there’s a good chance a few important changes have slipped under the radar.
The good news?
You don’t need to spend hours reading legislation to understand what matters.
Here’s a quick recap of four key changes now in effect and, more importantly, what you should be doing about them.
Need a refresher?
We’ve covered plenty since the 2026–27 Federal Budget. If you’d like a quick recap before diving into the updates below, start with our Meatiest Budget blog.
1. trust tax changes
What changed?
The proposed trust tax changes moved a step closer, with the Government releasing its consultation paper and providing a clearer picture of how the rules may work.
The important word there is proposed.
The rules are becoming clearer, but they’re still being consulted on and are not yet law.
What should you do?
Now is the time to understand how the proposed reforms could affect your existing structure, but don’t rush into making major changes until there’s greater certainty around the final legislation.
Want to understand what the consultation paper actually says and what it could mean for your structure?
Read more → Trust Tax Changes
2. payroll updates
What changed?
A range of payroll updates came into effect from 1 July, including minimum wage and award wage increases.
For many businesses, that meant higher employment costs, payroll system updates and another reason to review budgets for the year ahead.
What should you do?
Make sure your payroll systems have been updated, review employee pay rates and classifications, and ensure you’ve met any key payroll obligations.
We’ve broken down exactly what’s changed and what employers need to review.
Read more → Payroll Updates
3. AML compliance changes
What changed?
Australia’s AML reforms now apply to additional professions, including lawyers, accountants and real estate professionals.
If your business falls into one of these industries, the compliance landscape has changed.
What should you do?
Understand whether the new obligations apply to your business and start reviewing your compliance framework now.
Like most things in business, it’s easier to get ahead of these changes than play catch-up later.
Find out who the new rules apply to and what steps you should be taking now.
Read more → AML Compliance Changes
4. Payday Super
What changed?
Payday Super has changed the way employers pay superannuation.
Instead of making quarterly payments, employers now pay super at the same time employees are paid.
What should you do?
If you haven’t already, now’s the time to review your payroll systems, consider the cash flow impact and make sure your internal processes support the new requirements.
Learn how to prepare your payroll systems and cash flow before the new payment cycle catches you out.
Read more → Payday Super Is Here
Related reading → Employee Super Contributions
final word
The new financial year isn’t just about lodging tax returns and ticking compliance boxes.
It’s about making sure your business is set up for what’s next.
Ask yourself:
- Are our systems up to date?
- Are we meeting our obligations?
- Are we prepared for what’s coming next?
The businesses that stay ahead usually aren’t the ones working the hardest.
They’re the ones that keep informed, plan early and adapt before changes become problems.
A little preparation today can save a lot of headaches tomorrow. Funny how that works.
we’re here to help
If you’re unsure how any of these changes affect your business, or you’d simply like a second opinion, our team is here to help.
Reach out to your usual contact at businessDEPOT, email oneplace@businessdepot.com.au or give us a buzz on 1300 BDEPOT.
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