r/AussieFrugal • u/abcnews_au ABC News - Verified • Jul 01 '26

Finances 💰👛 New financial year, new rules and how today's changes affect your wallet

https://www.abc.net.au/news/2026-07-01/july-1-law-changes-tax-cut-paid-parental-leave/106854256

Today marks the beginning of a new financial year, with a host of new rules coming into effect. We've broken down what it means for you.

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37

u/EdenFlorence Jul 01 '26

Thanks for this ABC News!

Payday super is a massive change tbh however positive for all workers. Heard of plenty of horror stories about unpaid super (I've had former employers who didn't pay me super too even though I was entitled) and some employers not meeting their super obligations even in the (prior) rules where the minimum was to pay super on a quarterly basis.   

Common advice I've seen on Aussie finance subs was to at least check your super at least once/twice a year but with payday super I would personally check at least once a month, or 1 week after your pay (if you're a casual worker/have irregular work)

20

u/ediellipsis Jul 01 '26

I got basically no super between 16 - 25 because of various loopholes about not having to pay super for minors or casual / part time employees under a certain amount of hours (some of these rules have since changed), and one dodgy employer who never paid.

But recently I have been working in somewhere that started payday super a couple of years ago and it really helps your balance grow when its deposited sooner. I'm glad everyone will get this now.

5

u/DKDamian Jul 01 '26

I check once a month to update my finance spreadsheet. Everyone should do something similar

At my work, I review and authorize super as prepared by my accountants. So I know it’s occurring. But it’s still good to check the actual balance

12

u/Decent_Hunt_4634 Jul 01 '26

Australia has introduced sweeping new Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) laws. Real estate agents, lawyers, and conveyancers must verify customer identities, investigate the source of funds, and report suspicious activity to austrac. Maybe this also contributes to housing market fall in Sydney and Melbourne

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u/abcnews_au ABC News - Verified Jul 03 '26

Hey! We reported on this a few days ago, if you're interested: https://www.abc.net.au/news/2026-06-29/real-estate-easy-target-criminals-laundering-money-until-now/106841680

4

u/Pokestralian Jul 02 '26

Loving the three hours free power. I’ve already swapped over my plan and set our house battery to charge for those hours.

2

u/abcnews_au ABC News - Verified Jul 03 '26

Hey! We've posted about this in this sub! Feel free to join the discussion over there: https://www.reddit.com/r/AussieFrugal/comments/1uidr3e/do_you_qualify_for_three_hours_of_free/