A Bookkeeper’s Guide to the New FY – 2026 Edition

As we head into FY26 (the financial year ending 30 June 2026), it’s time to look at some key changes that came into effect on 1 July 2025.

Whether you’re a business owner, employee, or bookkeeper, these updates will have an impact on your day-to-day life.

But don’t worry, we’ve got you covered with the details on the three most significant updates—Australia’s wage increases, super guarantee boost, and the big shift to electronic tax filing.

Let’s dive in.

1. Australia’s Minimum Wage Increase – From 1 July 2025

If you’ve been paying attention to the Fair Work Commission’s recommendations, you’ll know the minimum wage in Australia is about to get a bump.

From 1 July 2025, the national minimum wage will increase by 3.5%, which means:

• $24.95 per hour (up from $24.10)
• $948 per week for a standard 38-hour workweek

For casual employees, don’t forget about the casual loading—it’ll push the hourly rate to about $31.19.
What does this mean for you?
If you’re an employer, you need to make sure that your payroll system is up-to-date and reflects this change. Don’t let your employees get underpaid—it’s easy to slip up and miss the new rates, especially with casuals.

“From 1 July 2025, the Superannuation Guarantee (SG) will increase to 12%. That’s right, we’re stepping up from 11.5%, which means your superannuation contributions will grow by a full half percent.”

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2. Super Guarantee Rises to 12% – From 1 July 2025

Here’s another one that affects everyone, whether you’re an employee or employer.

From 1 July 2025, the Superannuation Guarantee (SG) will increase to 12%. That’s right, we’re stepping up from 11.5%, which means your superannuation contributions will grow by a full half percent.

This change applies to most workers, so be sure to adjust your payroll calculations accordingly.

For businesses, this means your super obligations just became a bit heftier, but it’s all part of the plan to boost savings for your team’s retirement. If you’re not paying attention to this change, you could get caught out by the ATO.

3. No More PAYG Summaries – It’s All Electronic Now

Let’s talk about something that’s less well-known but very important.

As of the 2024/2025 financial year, the ATO has officially phased out the issuing of PAYG summaries (those annual tax statements you used to hand out to your employees).

Now, everything is electronic.

If you’re an employer, don’t go thinking this means you get to slack off in July.

The ATO is already in the loop, so there’s no need for the old-fashioned paper trail. Instead, your employees’ payment details will be uploaded directly through Single Touch Payroll (STP) and accessible in their MyGov accounts.

But here’s the catch: you can’t do your Individual Tax Return (ITR) before 14 July.

Why? Because the ATO is waiting on everyone—including employers and health funds—to submit their data electronically by 14 July.

So if your employees come knocking for their payslips or want to do their tax returns early, don’t just tell them it’s all electronic. Let them know the ATO is pulling everything together by 14 July, and they’ll have access to their info shortly after that.

What You Need to Do Now

For employers: Update your payroll system for the new minimum wage and 12% super rate. Make sure to adjust for the casual loading and communicate the wage increase to your employees. You also need to be clear with your team about the no more PAYG summaries rule and remind them they can check their info electronically after 14 July.

For employees: Don’t rush to lodge your tax return just yet. Your info is still being updated, so sit tight until 14 July before heading to your accountant or lodging online. And hey, look out for that new pay slip from your employer—they’ll be following the new minimum wage and super rules.