Superannuation Updates: 45 days left to negative gear with your SMSF; and SBCH closing date

Posted on June 24, 2026 by - Artists, Employment in creative industries, Federal budget, GST, Individual tax returns, Small business, Super art, Superannuation, Taxation of the arts industries

The primary legislation of the 2026/27 Federal Budget has now been passed by the House of Representatives and is awaiting Royal Assent, expected to be granted by mid-August.

Two major changes in the legislation that were not in the original Budget are:

1. Small business CGT concessions – turnover test increased from $2 million to $10 million, to align tax treatment of the instant asset write-off; and
2. Self-managed super funds will be prohibited from negative gearing in relation to residential property.

The first change has been broadly welcomed. The second change is a policy reversal by the Government, which has caught tax and wealth advisers by surprise.

Royal assent typically takes 45 days and, as of yesterday, this is the window of time left for those wishing to buy a residential property through their SMSF to sign contracts, set up bare trusts and do all the things needed to comply with the soon-to-be-banned LRBA (limited recourse borrowing arrangement) rules.

Similar to the prohibition on negative gearing for individuals announced on 12 May, these new requirements do not affect SMSFs that currently have LRBA in place. According to the most recent SMSF statistics available from the Australian Taxation Office, 11 per cent of SMSFs had an LRBA in the 2023-24 financial year.

 

Small business clearing house (SBCH) to close on 30 June

With payday super to commence on 1 July, the ATO will close its SBCH service on 30 June.

Here’s what you need to know:
Payments to the SBSCH must be received by the ATO by 30 June 2026 – make sure you factor in payment processing timeframes when you make your last payments. Any payments received on and from 1 July 2026 will be returned to you. If in doubt, the ATO recommends you speak with your financial institution to understand likely payment processing timeframes and bring forward payments that might otherwise be made close to 30 June 2026.

  • Check whether your payroll provider offers a super payment service – if not, choose another provider that meets your needs. To find out more about alternative options, go to the ATO website and search QC 44705.
  • Retrieve your SBSCH records now – from 1 July 2026, you will no longer be able to access your SBSCH online account. You can follow our step-by-step guide about how to download your SBSCH records. Go to the ATO website and search QC 44705.

Important

  • Payments the ATO do not accept or process will be refunded within 7 business days.
  • If a payment is refunded, you are still responsible for meeting your super guarantee obligations. For the June 2026 quarter, contributions must be received by the employee’s fund by 28 July 2026.

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Image details:

Robert Clinch
Tic-Tac-Toe (2005)
Hand-drawn lithograph
48cm by 47cm
Edition of 50
Signed and dated ‘Clinch ’05’ lower right