13 July 2026 to 17 July 2026
Weekly Bulletin Contents
TAX
monday 13 july 2026
Exchange rates for June 2026
Exchange rates for June 2026
The ATO has released the exchange rates for selected countries for June 2026, below is a sample of the major currencies.
Currency | Rate (A$1 = ) |
United States dollar | 0.6593 |
European euro | 0.5619 |
UK pound sterling | 0.4882 |
Japanese yen | 97.4768 |
Chinese renminbi | 4.6972 |
New Zealand dollar | 1.1202 |
Swiss franc | 0.5252 |
Rates for the full list of selected countries are available on the ATO website.
APRA: Minor updates to the prudential and reporting framework
APRA has released for consultation a number of minor updates to the prudential and reporting framework for authorised deposit-taking institutions (ADIs), general, life and private health insurers and registrable superannuation entity (RSE) licensees. This consultation is intended to ensure technical and clarifying changes to the prudential framework can be made in a timely manner. The proposed amendments are primarily technical clarifications and do not present any material change in policy settings. Comments due 21 August 2026.
tuesday 14 july 2026
ATO: Managing super payments in July
The ATO has released guidance on how employers should manage super payments during the changeover to Payday Super.
Employers may have several super payments due during July 2026. These include the final quarterly contribution for the June quarter, which must be received in employees’ super accounts by 28 July. They also include contributions for each payday from 1 July under the new Payday Super rules.
The ATO has confirmed how these payments will be allocated. Contributions received on or before 28 July reduce any super owing for the June quarter first. If there is a remainder, that amount is then applied under Payday Super. Employers who pay on time for both the quarterly and Payday Super obligations do not risk penalties.
Employers who miss the 28 July deadline must lodge a super guarantee charge statement by 28 August and pay the super guarantee charge to the ATO for the June quarter. The late payment offset is not available. Any super payments received on or after 29 July are applied under the Payday Super rules, even if the employer intended the payment to cover the outstanding June quarter amount.
Employers can no longer elect to apply a late contribution to offset an unpaid super guarantee amount. Eligible contributions are automatically allocated to the earliest qualifying earnings day for which the minimum super guarantee has not been paid in full. If an employer pays more than required for a qualifying earnings day, the excess is carried forward to the next qualifying earnings day for up to 12 months.
Business Registries Stabilisation and Uplift Regulations
The Treasury Laws Amendment (Business Registries Stabilisation and Uplift) Regulations 2026 have been made to support amendments made by the Treasury Laws Amendment (Business Registries Stabilisation and Uplift) Act 2026. These amendments expand the requirements of the Director Identification Number (Director ID) regime by requiring, among other things, that Director IDs are provided to ASIC as part of the company registration and director information reporting processes. They also ensure ASIC can obtain Director IDs and full address information. The amendments also expand ASIC’s powers to administer business registers and give effect to cease the Modernising Business Registers program.
Vic land tax: PPR changes legislated
The Vic Revenue Office has advised that the Building Legislation and Treasury Legislation (Tax Relief) Amendment Act 2026 (Vic) received Royal Assent on 23 June 2026. Among other things, it will amend the land tax principal place of residence (PPR) exemption for a home under construction or renovation, from 1 January 2027: to apply for up to 4 years even if the construction or renovation takes longer; to apply where construction or renovation starts and finishes in the same calendar year, but the land is unoccupied as at 31 December; and to provide greater flexibility for an owner to nominate the date of the issue of a planning permit or a building permit as the works start date.
wednesday 15 july 2026
PBO: 2026-27 Medium-Term Budget Outlook
The Parliamentary Budget Office (PBO) has released its 2026-27 Medium-Term Budget Outlook report. It shows the budget projected to return to surplus in 2034-35. Key findings include that the return to surplus will be mainly driven by a projected increase in personal income tax receipts. This is projected to grow from 47.9% of total revenue in 2026-27 to 53.8% by 2036-37. Excise revenue is projected to decline as fuel usage slowly decreases. Total expenses are projected to decrease from 26.9% of GDP in 2026-27 to 26.2% of GDP in 2036-37.
Victorian teachers annual leave loading not subject to SGC
The Federal Court has ruled that the Victorian Education Department was not liable for superannuation guarantee charge (SGC) in respect of an amount paid to teachers for annual “salary loading allowance.” This is calculated as 17.5% of four weeks of normal salary. The matter also involved whether the salary loading allowance formed part of the “notional earnings base” or whether the salary loading allowance formed part of “ordinary time earnings” (OTE). The Court held that the Department established that the salary loading allowance was not part of the relevant employees’ “notional earnings base” for the relevant period, and was not part of the relevant employees’ OTE for the relevant period. It followed that the Department had established that the amended assessments that charged SGC were excessive. (Department of Education v FCT [2026] FCA 898, 10 July 2026)
Average foreign exchange rates – year ended 30 June 2026
The ATO has released the average foreign exchange rates for the year ended 30 June 2026. The rates below are expressed as the foreign currency equivalent of $1 Australian.
Country | Currency | Rate ($1A equivalent) |
United States | United States dollar | 0.6785 |
United Kingdom | UK pound sterling | 0.5056 |
Europe | European euro | 0.5817 |
Japan | Japanese yen | 104.8059 |
China | Chinese renminbi | 4.7442 |
New Zealand | New Zealand dollar | 1.1597 |
Singapore | Singapore dollar | 0.8711 |
Hong Kong | Hong Kong dollar | 5.3006 |
Canada | Canadian dollar | 0.9375 |
thusday 16 july 2026
DIS updated: Shaw — Long-haul truck driver’s deduction for meal expenses
The ATO has released an update to its Decision Impact Statement in response to FCT v Shaw [2026] FCA 197. The case considered whether a long-haul truck driver was entitled to a deduction under s 8-1 of the ITAA 1997 for work-related meal expenses incurred while travelling. It was found that he was entitled to the deduction in the circumstances. The ATO originally said it would review relevant rulings and advice in light of the decision, in particular TR 2004/6 Income tax: substantiation exception for reasonable travel and overtime meal allowance expenses. It has now concluded that no updates to existing rulings are required and that there is no need to issue a practical compliance guideline at this stage.
Super transfer balance cap ruling updated
The ATO has updated LCR 2016/9A5 – Addendum (Superannuation reform: transfer balance cap). The addendum:
- further explains proportional indexation of the transfer balance cap, and superannuation income streams that are subject to a commutation authority
- clarifies how the general principles apply in the context of successor fund transfers
reflects the increase in the maximum allowable number of members, made under the Treasury Laws Amendment (Self Managed Superannuation Funds) Act 2021.
Rulings withdrawn and updated
The ATO has withdrawn the following rulings because the relevant legislative provisions have been repealed with effect from 14 September 2009:
- TR 94/3W : Tax shortfall penalties: calculation of a tax shortfall and allocation of additional tax; and
- TR 94/7W: Tax shortfall penalties: guidelines for the exercise of the Commissioner’s discretion to remit penalty otherwise attracted
The ATO has also issued an addendum to ER 2023/1A1 – Addendum Excise: the meaning of ‘legally and economically independent’ to reflect amendments made to Excise Regulation 2015 by the Excise Amendment (Remission Increase for Distillers and Brewers) Regulations 2025.
friday 17 july 2026
Treasurer directs APRA and ASIC to sharpen focus on growth and productivity
The Treasurer has advised that he has released new Statements of Expectations for APRA and ASIC with a bigger emphasis on promoting growth. The Treasurer said that the statements are all about enabling financial regulators to unlock more productivity and more growth in the economy while preserving financial stability and market integrity and protecting consumers from harm. He said he is seeking to strike the right balance between supporting productivity and investment, reducing the regulatory burden on businesses, promoting stability, and safeguarding the financial system and markets.
Fuel Tax Determination: when blends do not constitute a taxable fuel
The Fuel Tax (Fuel Blends) Determination 2026 has been made. It specifies circumstances in which blends of a taxable fuel and other products do not constitute a fuel for the purposes of the fuel tax law. For blends covered by this instrument, the producer of the blend may be entitled to claim fuel tax credits on the taxable fuel used in producing the blend and, as these blends are taken not to be excisable under s 77G(1) of the Excise Act 1901, excise duty will not be payable.
SUPER & FINANCIAL SERVICES
Adviser levy rises to $3,037 per adviser
ASIC has released its 2025-26 Cost Recovery Implementation Statement (CRIS), and licensees providing personal advice to retail clients are again carrying the largest share of the financial advice sector’s regulatory costs.
The estimated levy for these licensees is a minimum of $1,500 plus $3,037 per adviser. That is up from $1,500 plus $2,314 last year, an increase of about 31 per cent per adviser. ASIC estimates it will recover $48.724 million from this subsector.
Across the financial advice sector as a whole, estimated costs have risen to $62.6 million, up from $46.1 million in 2024-25.
The increase sits within a broader lift in ASIC’s costs. Total estimated recoverable costs for 2025-26 are $400.5 million, up 19 per cent on the $337.6 million recovered in 2024-25. ASIC attributes the increase to additional funding for its regulatory, supervision and enforcement work, along with the timing of expenditure.
The figures are estimates only. Final levies will be published in December 2026 and invoiced between January and March 2027.
Treasurer directs APRA and ASIC to sharpen focus on growth and productivity
The Treasurer has advised that he has released new Statements of Expectations for APRA and ASIC with a bigger emphasis on promoting growth. The Treasurer said that the statements are all about enabling financial regulators to unlock more productivity and more growth in the economy while preserving financial stability and market integrity and protecting consumers from harm. He said he is seeking to strike the right balance between supporting productivity and investment, reducing the regulatory burden on businesses, promoting stability, and safeguarding the financial system and markets.
Super transfer balance cap ruling updated
The ATO has updated LCR 2016/9A5 – Addendum (Superannuation reform: transfer balance cap). The addendum:
- further explains proportional indexation of the transfer balance cap, and superannuation income streams that are subject to a commutation authority
- clarifies how the general principles apply in the context of successor fund transfers
reflects the increase in the maximum allowable number of members, made under the Treasury Laws Amendment (Self Managed Superannuation Funds) Act 2021.