Scope: Australia
Status requires verification
Division 296 tax changes on super balances over $3 million
From 1 July 2026, Australia’s Division 296 introduces additional tax on superannuation earnings over the Large Super Balance Threshold (LSBT) of $3 million. An additional 10 % tax applies to earnings over the Very Large Super Balance Threshold (VLSBT) of $10 million. Super funds will report relevant super earnings and assessments will be issued in 2027-28.
Editorial impact label: Medium
- Published
- Not recorded
- Policy event
- Not recorded
- Effective
- Jul 1, 2026
- Verification
- Not recorded
Open cited source
Scope: Australia
Status requires verification
Payday Super reforms commence 1 July 2026
From 1 July 2026, employers are required to pay superannuation each payday under the Payday Super reforms. The Small Business Superannuation Clearing House (SBSCH) will close. Contributions must be based on qualifying earnings and reach funds within 7 business days after payday. Quarterly payments and the SBSCH are phased out by end of June 2026.
Editorial impact label: High
- Published
- Not recorded
- Policy event
- Not recorded
- Effective
- Jul 1, 2026
- Verification
- Not recorded
Open cited source
Scope: United States
Status requires verification
IRS revises optional standard mileage rates effective July 1, 2026
The IRS modified standard mileage rates for business (76¢/mile), medical & moving (23.5¢/mile), effective July 1, 2026. These rates apply to deductible costs for automobile operating expenses incurred and reimbursements paid on or after that effective date.
Editorial impact label: Low
- Published
- Not recorded
- Policy event
- Not recorded
- Effective
- Jul 1, 2026
- Verification
- Not recorded
Open cited source
Scope: Canada
Status requires verification
Explanatory Notes to Legislative Proposals: Hybrid Mismatch Rules – Second Package
Legislative proposals under the Income Tax Act expanding hybrid mismatch rules to include reverse hybrid, hybrid payer, and disregarded payment arrangements; introduction of new definitions and income inclusion rules; with amendments generally applying to payments arising on or after July 1, 2026.
Editorial impact label: High
- Published
- Not recorded
- Policy event
- Not recorded
- Effective
- Jul 1, 2026
- Verification
- Not recorded
Open cited source
Scope: Australia
Status requires verification
Cents per Kilometre Deduction Rate for Car Expenses 2026 Determination
From 1 July 2026, Australia’s ATO raises the cents per kilometre rate for work-related car deductions to **91 cents/km** for the 2026-27 income year, offering a temporary 2-cent uplift over the base rate of 89 cents/km. This affects remote workers, employees, and those using the ATO’s cents-per-kilometre method rather than actual costs. Maintaining odometer logs or equivalent usage records becomes more valuable than ever.
Editorial impact label: Medium
- Published
- Not recorded
- Policy event
- Not recorded
- Effective
- Jul 1, 2026
- Verification
- Not recorded
Open cited source
Scope: Canada
Status requires verification
Interest Rates for the Third Calendar Quarter 2026 (Canada)
The Canada Revenue Agency announced prescribed interest rates effective from **July 1 to September 30, 2026**, including **7 %** on overdue taxes, corporate overpayments at **3 %**, non-corporate overpayments at **5 %**, and rates for loans and GST/HST matters. These affect timing of payments and refunds, and interest adjustments for taxpayers and corporations.
Editorial impact label: Low
- Published
- Not recorded
- Policy event
- Not recorded
- Effective
- Jul 1, 2026
- Verification
- Not recorded
Open cited source
Scope: Australia
Status requires verification
What Division 296 tax changes means for your super balance
From 1 July 2026 Australia introduces a new Division 296 tax on superannuation earnings for balances exceeding thresholds — 15% on earnings above \$3 million (Large Super Balance Threshold) and additional 10% on earnings above \$10 million (Very Large Super Balance Threshold). Affects APRA and SMSFs. Reporting obligations begin with super funds, assessments issue in 2027-28.
Editorial impact label: High
- Published
- Not recorded
- Policy event
- Not recorded
- Effective
- Jul 1, 2026
- Verification
- Not recorded
Open cited source
Scope: Global
Status requires verification
Ontario’s lower general corporate income tax rate decrease
Effective July 1, 2026, Ontario’s lower rate of corporate income tax is reduced from 3.2 % to 2.2 %, resulting in a meaningful drop in tax burden for small and medium corporations eligible for the lower rate; an important component in provincial entity & startup tax planning.
Editorial impact label: Medium
- Published
- Not recorded
- Policy event
- Not recorded
- Effective
- Jul 1, 2026
- Verification
- Not recorded
Open cited source
Scope: Canada
Status requires verification
Interest Rates for the Third Calendar Quarter – Q3 2026
The Canada Revenue Agency announced prescribed interest rates to apply from July 1 to September 30, 2026: 7 % on overdue taxes; 3 % on overpayments to corporations; 5 % on overpayments to non-corporate taxpayers; 3 % rate for benefits and shareholder/employee loans; 6.30 % corporate debt loans/indebtedness rate.
Editorial impact label: Medium
- Published
- Not recorded
- Policy event
- Not recorded
- Effective
- Jul 1, 2026
- Verification
- Not recorded
Open cited source
Scope: Global
Status requires verification
Australia Division 296: additional tax on super earnings above $3 million threshold
From **1 July 2026**, under Australia’s Division 296 rules, individuals with total superannuation balances above **AUD 3 million** will have the earnings portion above that threshold taxed at **15%**, and those whose balances exceed **AUD 10 million** will pay an additional **10%** on earnings above that second threshold. Only earnings tied to amounts above the threshold are taxed. This affects retirement planning, investment choices, and superannuation contribution strategies for high balance holders.
Editorial impact label: Medium
- Published
- Not recorded
- Policy event
- Not recorded
- Effective
- Jul 1, 2026
- Verification
- Not recorded
Open cited source
Scope: United States
Status requires verification
IRS to provide Automatic Exemption from Penalty (AEP) starting Summer 2026
The IRS announced that it will replace the First Time Abate (FTA) relief program with a new Automatic Exemption from Penalty (AEP) program starting in summer 2026. Under AEP, eligible taxpayers who have timely filed and paid taxes for the prior three years (or 12 quarters for quarterly filers) will have penalties for failure to file, pay, or deposit waived automatically when filing late, without requiring a request.
Editorial impact label: Medium
- Published
- Not recorded
- Policy event
- Not recorded
- Effective
- Jul 1, 2026
- Verification
- Not recorded
Open cited source
Scope: Australia
Status requires verification
Division 296 tax changes – super earnings tax over large super balances
From 1 July 2026, an additional tax known as Division 296 applies when your total super balance (TSB) exceeds the Large Super Balance Threshold (LSBT) of $3 million. A 15% tax applies on earnings tied to the portion of your super above $3 million, and if your balance exceeds the Very Large Super Balance Threshold (VLSBT) of $10 million, you pay an extra 10% on earnings above that level. Only earnings linked to the portion above each threshold are taxed, not the full balance. Super funds will report earnings; assessments begin after earnings are reported by funds.
Editorial impact label: Medium
- Published
- Not recorded
- Policy event
- Not recorded
- Effective
- Jul 1, 2026
- Verification
- Not recorded
Open cited source
Scope: Australia
Status requires verification
Payday Super reforms – super guarantee contributions must be paid each payday
Commencing 1 July 2026, employers will shift from making quarterly super guarantee (SG) payments to paying super **each payday**, based on qualifying earnings. Employers’ contributions must reach employees’ super funds within 7 business days following each payday. The Small Business Superannuation Clearing House (SBSCH) closes permanently on 30 June 2026. Reporting obligations also increase via Single Touch Payroll to include year-to-date qualifying earnings and liability. These reforms are designed to reduce SG shortfalls and improve timeliness and transparency in super contributions.
Editorial impact label: High
- Published
- Not recorded
- Policy event
- Not recorded
- Effective
- Jul 1, 2026
- Verification
- Not recorded
Open cited source
Scope: Australia
Status requires verification
2026-27 Cents per Kilometre Deduction Rate set at 91 cents
From 1 July 2026, the ATO has determined the cents-per-kilometre rate for work-related car expense deductions at **91 cents per kilometre** for eligible taxpayers using the cents per kilometre method. This is a **temporary one-off uplift** from the base rate of 89 cents to assist with increased vehicle costs. The rate applies for the 2026-27 income year until a new determination is made.
Editorial impact label: Low
- Published
- Not recorded
- Policy event
- Not recorded
- Effective
- Jul 1, 2026
- Verification
- Not recorded
Open cited source
Scope: Australia
Status requires verification
Division 296 tax on super balances over $3 million and VLSBT over $10 million
From income year starting 1 July 2026, super earnings on amounts of Total Superannuation Balances (TSB) over $3 million will be taxed at an additional 15 %; for balances above $10 million (Very Large Super Balance Threshold), an extra 10 % tax will apply to earnings above that level; part of the Building a Stronger and Fairer Super System Act.
Editorial impact label: Medium
- Published
- Not recorded
- Policy event
- Not recorded
- Effective
- Jul 1, 2026
- Verification
- Not recorded
Open cited source
Scope: Canada
Status requires verification
Canada Child Benefit payments increasing in 2026-2027
The government is increasing the Canada Child Benefit (CCB) amounts for 2026-27: up to $8,157 per child under age 6 and up to $6,883 per child aged 6-17, representing increases of up to $160 and $135 respectively over the prior year. Payments are non-taxable and indexed annually to inflation.
Editorial impact label: High
- Published
- Not recorded
- Policy event
- Not recorded
- Effective
- Jul 1, 2026
- Verification
- Not recorded
Open cited source
Scope: United States
Status requires verification
Announcement 2026-11: Revised Optional Standard Mileage Rates Beginning July 1, 2026
The IRS issued new standard mileage rates for business, medical, and moving purposes effective July 1, 2026, affecting tax deductions for vehicle use in eligible activities.
Editorial impact label: Medium
- Published
- Not recorded
- Policy event
- Not recorded
- Effective
- Jul 1, 2026
- Verification
- Not recorded
Open cited source
Scope: Canada
Status requires verification
What’s New for Corporations: Ontario Lower Rate and SBD/SR&ED Changes
Ontario will reduce its lower corporate income tax rate from 3.2% to 2.2% effective July 1, 2026. At the same time, clarifications have been published around Small Business Deduction (SBD) and Scientific Research & Experimental Development (SR&ED) investment tax credit eligibility, especially concerning related or associated corporations.
Editorial impact label: Medium
- Published
- Not recorded
- Policy event
- Not recorded
- Effective
- Jul 1, 2026
- Verification
- Not recorded
Open cited source
Scope: Canada
Status requires verification
Interest rates for the third calendar quarter
The Canada Revenue Agency set new prescribed annual interest rates effective July 1, 2026 for amounts owed or overpaid. Overdue taxes (incl. CPP, EI) will incur 7%; corporate tax overpayments will receive 3%; non-corporate tax overpayments, 5%; taxable benefits from low-interest loans at 3%; corporate loans indebtedness rate 6.30%. Applies also to GST/HST, excise, fuel charge, and other remittances. Implications: costs of late payments rising; corporations receive lower refund earnings; individuals must ensure timely compliance.
Editorial impact label: Medium
- Published
- Not recorded
- Policy event
- Not recorded
- Effective
- Jul 1, 2026
- Verification
- Not recorded
Open cited source
Scope: Canada
Status requires verification
GST/HST credit replaced by Canada Groceries and Essentials Benefit (CGEB)
The GST/HST credit has been renamed and replaced with the Canada Groceries and Essentials Benefit as of July 2026, to provide regular quarterly payments for individuals and families with modest incomes; eligibility remains largely unchanged, but benefit payments now include provincial or territorial program amounts.
Editorial impact label: Medium
- Published
- Not recorded
- Policy event
- Not recorded
- Effective
- Jul 1, 2026
- Verification
- Not recorded
Open cited source