| We acknowledge all First Peoples of the beautiful lands on which we live and work, and their enduring knowledge and connections to Country. We honour the wisdom of and pay respect to Elders past and present. |  |  |
| | 2 min read
With cost-of-living, inflation and interest rates driving many of the measures announced in this year’s Federal Budget, there were no surprise announcements relating to super. Instead, we received confirmation of some key changes which are set to go ahead on 1 July 2026.
Changes to super from 1 July 2026
Payday Super
In accordance with the government’s Payday Super initiative, the way the Superannuation Guarantee is paid will be changing. From 1 July 2026, employers must pay super contributions on the same day that salary and wage payments are made. Contributions must be received by the employee’s super fund within seven business days of their payday. This change ensures super is paid promptly with each pay cycle, rather than quarterly.
The Payday Super initiative is designed to build trust and transparency, making it easier for employees to track their super and helping grow their retirement savings through more frequent contributions and compounding interest.
Reduced tax concessions for super balances over $3 million
Division 296 is a new tax measure for individuals with a total super balance over $3 million dollars. At the moment most people pay about 15% tax on their super earnings. From 1 July 2026, earnings on the share of a person’s balances over $3 million will be taxed at 30%, while earnings on the share of any balances over $10 million will be taxed at 40%.
Superannuation exempted from CGT changes
While changes were also announced to capital gains tax (CGT) for assets held by individuals, trusts and partnerships, note that the changes will not apply to any assets held within superannuation.
Looking for more Budget news?
Keen to find out all that this year’s Budget had to offer. You’ll find full details at budget.gov.au
Issued by Togethr Trustees Pty Ltd ABN 64 006 964 049, AFSL 246383 ("Togethr"), the Trustee of Equipsuper ABN 33 813 823 017 ("Equip Super"). The information contained is general advice and information only and does not take into account your personal financial situation or needs. You should consider whether this information is appropriate to your personal circumstances before acting on it and, if necessary, you should seek professional financial advice. Where tax information is included, you should consider obtaining taxation advice. Before making a decision to invest in Equip Super, you should read the Product Disclosure Statement (PDS) and Target Market Determination (TMD) for the product which are available at equipsuper.com.au. Financial advice may be provided to members by Togethr Financial Planning Pty Ltd (ABN 84 124 491 078 AFSL 455010) – a related entity of Togethr. Past performance is not a reliable indicator of future performance.
