July 2026 E News
- Aug 1
- 7 min read
Welcome to our second edition as Elevare Accountants, Chartered Accountants | Business Advisors.
While July gave markets plenty to process, it also brought clear opportunities and useful clarity for investors and business owners alike. Despite global headwinds and shifting oil prices keeping markets active, resilient sectors shone brightly—gold reached impressive new highs above US$4,100/oz, and key earnings drivers in big tech continued to deliver strong growth. Meanwhile, softer-than-expected Aussie inflation data gave us a welcome silver lining as we look toward upcoming central bank decisions.
On the domestic front, Tax Time 2026 is bringing good efficiency upgrades for business owners and contractors. The ATO’s expanded automated pre-fill system, especially for TPAR income, is designed to take the friction out of tax time, saving you time and ensuring accuracy from day one.
In this edition, we break down how to make the most of these new ATO pre-fill tools, share practical steps to streamline your Payday Super management, and outline all your key August compliance dates so you can stay ahead with confidence.
The Elevare Accountants Team
Overview
July was dominated by one storyline running through every market: the Iran/Strait of Hormuz conflict and its effect on oil prices, and what that means for the inflation and interest rate outlook in both Australia and the US. Equities on both sides of the Pacific chopped around rather than trending cleanly, share leadership rotated sharply by sector, and government bond yields pushed higher as investors priced in a less certain path for rate cuts.
Australian Sharemarket
The ASX 200 had a genuinely two-speed month. Early July saw banks and miners sold off while healthcare and energy names found buyers, then mid-month large-cap banks and miners again dragged the index lower even as "gains from almost everywhere else" offset some of the damage. By 22 July the pattern flipped: a miners' rally pushed the index higher, with gold surging to US$4,130/oz despite escalating Middle East tensions.
The net effect: the market is being pulled in two directions at once with miners and gold benefiting from the Iran-driven risk premium and safe-haven demand, banks under pressure from a more uncertain rates outlook, and healthcare swinging on stock-specific news rather than a clear macro theme.
US Sharemarket
The US market's dominant story this year has been the concentration of earnings growth in a handful of AI hyperscalers. Goldman Sachs estimates AI-related investment will drive roughly 40% of S&P 500 EPS growth this year, and other analysis goes further, suggesting just three companies (Alphabet, Amazon and Meta) account for around 70% of the index's expected 2026 earnings growth. That concentration is a double-edged sword: it has powered index-level earnings estimates higher, but has also compressed valuations even for the mega-cap tech names at the centre of the AI buildout.
The Federal Reserve held its benchmark rate steady at 3.6% at its July meeting under new Chair Kevin Warsh but markets suggest a possible tightening move in September. Warsh was notably hawkish in tone, telling Congress the Fed would "not waver" on its 2% inflation target, and flagging the upside inflation risk from renewed US–Iran hostilities even while acknowledging recent inflation data had come in better than expected. Q2 earnings season itself has so far been solid for the AI-spending beneficiaries, with the bigger debate shifting from "is growth strong" to "is it sustainable," and some concern that demand may have been pulled forward into the first quarter.
Bond Markets
Government bond yields rose in both markets this month, reflecting the same forces at work in equities: sticky-but-improving inflation data being overshadowed by an oil price shock and a more hawkish central bank tone.
Australia: the RBA held its cash rate at 4.35% at its June meeting, its third hike of 2026 having already occurred earlier in the year pausing to assess how prior tightening was flowing through the economy. Attention now turns to the 11 August board meeting. Encouragingly, June quarter CPI came in below both the RBA's and market economists' expectations, with market services and housing-related inflation components softer than forecast.
United States: the Fed's hold at 3.6% came with a genuinely split committee.
Inflation, Iran and Oil — the Common Thread
This has been a live, moving conflict all year, and it's worth setting out the timeline because it explains most of the volatility in both equity and bond markets:
Brent crude peaked at US$118.35 in March 2026 during an earlier flare-up, before falling back to around US$71.57 by 1 July as a ceasefire appeared to hold.
The ceasefire collapsed again in early-to-mid July after Iran launched attacks on tankers transiting the Strait of Hormuz pushing Brent above US$80/barrel in its sharpest rise in nearly two months. President Trump declared the ceasefire deal "over", and by 14 July renewed threats to the Strait pushed oil to a fresh one-month high.
Prices continued climbing through the back half of the month, with Brent touching US$100.69 on 23 July before easing slightly to US$96.78 on 24 July as tensions fluctuated.
By month-end, oil pulled back roughly 4% on renewed hopes of US–Iran diplomacy easing supply fears.
The Strait of Hormuz carries a very large share of global seaborne oil trade, so even the threat of closure has been enough to move prices sharply in both directions on the same week's news.
Here are the markets performance for end of July:
Pre-fill is expanding for individuals in business at tax time 2026, making it easier to complete your tax returns accurately the first time. The key change is new pre-fill for Taxable payments annual report (TPAR) data.
If you’re a sole trader or contractor providing Taxable payment reporting system (TPRS) services, you need to include all related assessable income in your tax return. To make it easier, payments reported to the ATO through TPAR by payers will now be pre-filled in your tax return.
Pre-fill securely imports verified data into your return, reduces manual entry and places business income into the correct labels with GST excluded. This reduces common mistakes, helping you get things right the first time. This applies across industries such as construction, courier and food delivery, and many gig economy platforms.
Lodge after 28 August to avoid errors
Most TPAR data will be available after 28 August each year, after payers lodge their reports. If you lodge in July or early August, this information may not appear yet. This could potentially lead to omissions, the need for amendments and repayment of refunds later. Lodging after 28 August gives you the best experience and reduces the risk of errors.
Review and confirm your pre-filled data
You’re still in control – you can check, update and confirm all pre-filled information before lodging. If you change a pre-filled amount, you’ll need to select a short reason code explaining why.
Other updates include pre-filled government grants reported through TPAR, your business details (such as ABN and business address), and opening stock from last year’s return.
Remember, pre-fill isn’t a complete picture. You still need to include all other income not reported through TPAR, such as cash jobs or private clients. Good record keeping remains essential, even with the expanded pre-fill.
For more information, see Taxable payments reporting and contractors.
Source and credit: ATO.gov.au
Supporting Small Businesses: ATO Masterclasses
Date: Monday 10 August 2026
12:00 - 1:00 pm AEST
Location: Online Cost:
Free Event organiser: ATO
Build confidence in managing your small business obligations with the ATO's interactive masterclasses. Designed to complement free online courses, these sessions give you direct access to experienced ATO staff who can help clarify your responsibilities, walk through real-world scenarios, and provide practical guidance.
Masterclasses cover topics such as:
starting a small business
cash flow for business success
claiming home-based business tax deductions
claiming small business tax deductions
tax-time essentials – how to successfully report, pay and lodge correctly
They're a practical way to strengthen your understanding of day-to-day business operations, helping you build good habits early and avoid common pitfalls that can affect your small business.
Click the link below to register your interest.
Source and credit: Business.gov.au
11 August
Activity statements
Quarter 4 (April to June) activity statements lodged electronically – final date for lodgment and payment
refer to Lodging your activity statements online for information on your eligibility for this later due date
finalising all your PAYG instalments before you lodge your tax return will ensure you receive the correct amount of credit in your income tax assessment.
14 August
PAYG withholding
PAYG withholding payment summary annual report – final date for lodgment
use this to summarise all payments to your employees and other payees and the amounts withheld from salary and wages and other payments
these amounts should have been reported at labels W1 and W2 on previous financial year activity statements.
Employee Share Scheme (ESS) annual report
ESS annual report – final day for lodgment.
21 August
Activity statements
July monthly activity statements – final date for lodgment and payment.
GST
Final date for eligible monthly GST reporters to elect to report GST annually.
28 August
Taxable payments annual report
Taxable payments annual report due for lodgment for:Building and construction industryGovernment entitiesCleaning servicesCourier or road freight servicesInformation technology servicesSecurity, investigation or surveillance services
Superannuation for quarter 4, 2026
Lodge and pay quarter 4 (1 April to 30 June) Superannuation guarantee charge statement – quarterly if you did not pay your contributions on time for this quarter to avoid additional penalties.
For quarter 4, you can't offset contributions you have paid late. See Missed and late super guarantee payments for more options on late contributions for this quarter.
You can't claim an income tax deduction for the quarterly super guarantee charge.
31 August
Global and domestic minimum tax
The Combined global and domestic minimum tax return and the GloBE Information Return are due 31 August 2026 for fiscal years ending on 28 February 2025.
Source and credit: ATO.gov.au
Support Local - Community Events
Support our beautiful community by checking out what’s on across the Byron Shire. The Council’s events page is packed with local activities and there is something for everyone.
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