Farm Finance
A new financial year means more than a reset on your spreadsheets. In 2026-27, there are more compliance changes landing at once than usual — and the earlier you get across them, the more clearly you can see what the season ahead actually looks like.
Work through this checklist now. Payday Super is live, fuel tax credit rates have reset, award wages have increased, and your first BAS of the new year is already due. Here's what needs to happen — and when.
Your New Financial Year Checklist
1
Get your Xero reconciled and closed out
Before anything else, make sure your 2025-26 books are clean. Your tax agent can't prepare an accurate return from incomplete records, and gaps discovered in August cost more to fix than gaps found now. Reconcile all bank accounts to 30 June 2026, check GST coding, review outstanding invoices, and confirm your stocktake figures are entered. If you run Figured alongside Xero, make sure your livestock and crop data reconciles with your Xero accounts before you hand anything to us.
2
Finalise Single Touch Payroll by 14 July 2026
If you employ staff on the property, your STP data must be finalised by 14 July 2026. This confirms your employees' income statements are ready so they can lodge their own tax returns. In Xero, you can finalise STP directly from the payroll menu. If you're not sure this is done, contact us before 14 July.
3
Set up Payday Super — it's live from 1 July
This is the biggest change for farm employers this financial year. Super must now be paid within 7 business days of every payday — no more quarterly deadlines. For properties with weekly or fortnightly pay cycles, super could be due multiple times in July alone. The ATO's Small Business Superannuation Clearing House has also closed — if you were using it, you need an alternative in place immediately. If you haven't spoken to us about your Payday Super setup yet, do it before your next pay run.
ATO Payday Super employer guide →
4
Check your fuel tax credit rates
Fuel tax credit rates reset on 1 July 2026 following the end of the temporary excise reduction that applied from 1 April to 30 June 2026. If you were claiming at the reduced rate of 20.6 cents per litre, that rate no longer applies to fuel acquired from 1 July. Using the wrong rate in your BAS means an incorrect claim — and fuel tax credits remain an ATO audit focus area. Get in touch before your next BAS and we'll confirm you're on the right rate.
Check the current ATO FTC rates →
5
Review the $20,000 instant asset write-off
The Federal Government announced in the 2026-27 Budget that the $20,000 instant asset write-off will be made permanent from 1 July 2026. The relevant bill — Treasury Laws Amendment (Tax Reform No. 2) Bill 2026 — was referred to the Senate Economics Legislation Committee on 25 June 2026, with a reporting date of 13 August 2026. It has not yet passed parliament. Until it does, the legislated default from 1 July 2026 is $1,000. Talk to us before making purchasing decisions based on this measure — we're monitoring the legislation closely.
ATO instant asset write-off details →
6
Update your Figured budgets for 2026-27
A new financial year is the right time to reset your enterprise budgets in Figured. Last year's numbers are a starting point — but input costs, commodity prices and seasonal conditions change. Before seeding gets away from you, update your cost of production per hectare or per head, your commodity price assumptions based on current market bids, and your livestock trading budget if you're restocking or selling down. If you're not running Figured yet and want to understand what your farm is actually making enterprise by enterprise, talk to us.
7
Update your payroll for new minimum wage rates
The Fair Work Commission's 2026 Annual Wage Review increased all modern award wages by 4.75%, effective from the first full pay period on or after 1 July 2026. The National Minimum Wage is now $1,004.90 per week or $26.44 per hour — the first time it has exceeded $1,000 per week. If you employ farm hands, shed staff, or other workers covered by a modern award, your payroll must reflect the new rates from your first July pay run. The Fair Work Ombudsman has already updated the Pay and Conditions Tool.
Check the updated rates →
8
Lodge your Q4 BAS on time
If you lodge quarterly BAS yourself, Q4 (April–June 2026) is due 28 July 2026. If you lodge through a registered BAS agent, the deadline extends to 25 August 2026. Get your records to us on time — we need supporting documents within 14 days of the BAS due date to ensure we have enough time to complete and lodge accurately.
Important — instant asset write-off
The $20,000 instant asset write-off has been announced as permanent but is not yet law. The Senate Economics Legislation Committee reports back 13 August 2026. Until the bill passes, the legislated default from 1 July 2026 reverts to $1,000. Talk to us before making any purchasing decisions based on this measure — we'll update clients as soon as legislation passes.
Key Dates for Your Calendar
- 14 July 2026 — STP finalisation deadline. Employee income statements must be ready for tax time.
- 28 July 2026 — Q4 BAS due for self-lodgers (April–June 2026).
- 21 August 2026 — July monthly BAS & IAS due.
- 25 August 2026 — Q4 BAS due for clients lodging via a registered BAS agent.
- Ongoing from 1 July — Payday Super due within 7 business days of every payday.
- First full pay period on or after 1 July — New minimum award wages (4.75% increase) take effect.
The Numbers Won't Sort Themselves
July is one of the busiest months on the farming calendar — and in 2026-27, it's also one of the most compliance-heavy. The farms that come through this period without a headache are the ones that got ahead of it before the season took over.
At AgBooks, we work exclusively with farming businesses. We know Xero, we know Figured, and we know what it looks like when seeding starts and the office gets pushed to the back of the ute. That's exactly why we're here — so the numbers keep moving even when you can't.
Want to Start the New Financial Year in the Right Shape?
Get in touch with the AgBooks team. We work exclusively with farm businesses across Australia — and we'll make sure nothing gets missed.
Talk to the AgBooks Team
All or any advice contained in this article is of a general nature only and may not apply to your individual business circumstances. For specific advice relating to your situation, please contact your accountant or contact us for further discussion. Content provided by Institute of Certified Bookkeepers.
