Australia’s superannuation landscape is shifting again, and for mining and resources executives, these changes could have a big impact on your retirement plans. From new tax rules for high balances to faster contribution payments, 2026 is the year to take control of your super strategy. Here’s what’s changing and how to make the most of it.
What’s Changing in 2026?
From 1 July 2026, if your Total Super Balance (TSB)¹ exceeds $3 million, the ATO will apply an extra tax on part of your earnings:
- $3m–$10m: Additional 15% tax
- Above $10m: Additional 25% tax
This is on top of the usual 15% tax paid on earnings and capital gains in the accumulation phase. The good news? It only applies to realised gains, not paper profits – so market fluctuations alone won’t be a trigger for this additional tax.
The first assessment will occur on the 30th of June 2027, which means if you’re close to the $3m threshold, now’s the time to plan. Strategies like contribution timing, asset allocation, gifting and alternative structures could make a big difference.
Want the technical details? Check out our accountant’s deep dive on Division 296. But if you’d like to explore personalised strategies to manage this change, let’s talk, because proactive planning today can save you significant tax tomorrow.
PayDay Super: A Win for Mining & Resources Professionals
From 1 July 2026, employers will be required to pay your super contributions at the same time as your salary – not quarterly as currently required. This might sound like a small administrative tweak, but for your retirement savings, it’s a game-changer.
Here’s why:
- Faster compounding: Every dollar hits your super account sooner, meaning more time invested and more growth over the years. For mining professionals with variable pay and bonuses, this can add up to thousands extra by retirement.
- Real-time visibility: You’ll see contributions arrive with your pay, making it easier to track and confirm what you’re owed. No more waiting until the end of the quarter to discover missed payments.
- Better protection: If something goes wrong, like unpaid contributions, the ATO can act faster as discrepancies will show up immediately. This is especially important in industries with complex rosters or multiple employers.
- Simpler planning: With contributions flowing regularly, you can align salary sacrifice and other strategies more precisely, without worrying about quarterly delays.
For mining and resources professionals, where pay cycles can be unpredictable, Payday Super means your money works harder, sooner and you stay in control.
Super Strategies for Every Career Stage
Super isn’t one-size-fits-all. Your priorities will shift as you move through different life stages, and the strategies that work best for you will change too. Let’s walk through what matters most at each stage.
Early Career: Building Foundations
Starting your career is exciting and it’s the perfect time to set up habits that will pay off for decades. Superannuation might feel like something for “later,” but the truth is, small steps now create big results over time thanks to the power of compounding.
Here’s how to make the most of your early years:
- Start with salary sacrifice: Even a modest extra contribution each pay cycle can grow significantly over 30+ years. For example, $50 a week could add tens of thousands to your retirement balance.
- First Home Super Saver Scheme (FHSSS)²: Thinking about buying your first home? This scheme lets you save for a deposit inside super, where your money is taxed at concessional rates.
- Contribute up to $15,000 per year, capped at $50,000 total.
- Withdraw contributions plus earnings when you’re ready to buy (less applicable withholding taxes).
- Check your investment mix: Early in your career, you have time on your side, so a growth-oriented investment option may suit you better than a conservative one.
Why start now? Every dollar you contribute early has decades to grow in a low-tax environment. It’s one of the simplest ways to build wealth without feeling the pinch.
Mid-Career: Accelerating Growth
As your career advances, so do your income and opportunities, making this the ideal time to supercharge your super strategy. The focus now is on maximising contributions, catching up if you’ve missed previous years, and planning for long-term growth.
From 1 July 2024, the contribution caps increased, giving you more room to build wealth inside super. The detail of the super rules at 1 July 2025 are as follows:
| Contribution | Cap or Limit | Notes |
|---|---|---|
| Concessional (pre-tax) | $30,000 annual cap | Includes SG, salary sacrifice, personal deductible contributions |
| Non-Concessional (after-tax) | $120,000 annual cap (subject to super balance) | Can use bring-forward rule for up to $360,000 over 3 years |
| Transfer Balance Cap | $2,000,000 | Max you can move into tax-free pension phase |
Why this matters: Higher caps mean more opportunity to reduce tax and accelerate your retirement savings. If you’ve missed contributions in previous years, the catch-up rules allow you to use unused concessional cap space from the past five years, provided your total super balance is under $500,000 at the 30 June prior to you making the contribution.
Smart Moves for Mid-Career Professionals:
- Maximise concessional contributions: Salary sacrifice or personal deductible contributions can reduce your taxable income while boosting super.
- Use catch-up rules: If you haven’t used your full concessional cap in previous years, you can top up now.
- Leverage bring-forward opportunities: Make larger non-concessional contributions in one go, up to $360,000 over three years.
- Plan for windfalls: Employee Share Schemes (ESS) and bonuses can be directed into super to minimise tax and grow your retirement savings.
Strategic planning now helps you manage today’s income while setting up potential decades of tax-effective growth.
Senior Executives: Pre-Retirement Planning
As retirement draws closer, your priority shifts to optimising contributions and preparing for a smooth transition. This stage is about making the most of every opportunity to boost your super and help achieve tax efficiency.
Key Strategies
- Bring-forward rule: Eligible individuals can make a large non-concessional contribution – up to $360,000 in one transaction – subject to your super balance. This is ideal for maximising your position before retirement.
- Downsizer contributions: Selling your home? You may be able to contribute up to $300,000 per person outside the standard caps, giving your retirement savings an extra boost.
- Recontribution strategies: Convert taxable components of your super into tax-free amounts, improving the tax efficiency of your future pension payments.
This is also the time to rebalance your portfolio. While it’s tempting to go conservative, maintaining an appropriate allocation to growth assets is critical for a potentially long retirement. Avoid being too cautious as longevity risk means your money needs to keep working for you.
Retirement & Beyond: Decumulation and Estate Planning
Once you’ve retired, the focus shifts to drawing down your super wisely and planning your legacy.
Key considerations include:
- Managing withdrawals sustainably so your savings last throughout retirement.
- Understanding tax implications of different income streams and how they affect your overall position.
- Keeping estate planning up to date, including binding nominations, helps your wishes to be carried out and how much tax your children pay when you pass away .
- Exploring options for ongoing contributions from part-time work or business income to maintain your balance.
The right approach depends on your personal circumstances, such as your retirement goals, income needs, and family situation. This is where tailored advice is essential. A financial adviser can help you structure withdrawals, optimise tax outcomes, and align your estate planning with your objectives.
Employee Share Schemes and Super: A Powerful Partnership
Employee Share Schemes often deliver significant rewards, but they can also push your taxable income higher when shares vest. Rather than letting the ATO take a big slice, consider how super can turn this into a long-term advantage.
When shares vest, their market value counts as income. For example, $50,000 in vested shares could mean a sizeable tax bill. Instead of selling shares and losing value, you could:
- Contribute in-specie to super (where allowed): You don’t need to have an SMSF to have your shares transferred to super.
- Sell and make a personal deductible contribution: This can offset the income from the shares and reduce your tax.
- Use non-concessional caps and bring-forward rules: Move more into super in one go, especially if your spouse has contribution room.
Why does this matter for super? Every dollar you redirect into super grows in a low-tax environment, compounding over decades. If you know a vesting or bonus event is coming in 2026, plan, adjust salary sacrifice, explore spouse contributions, and check your caps. Smart timing now means more wealth working for your retirement future.
Time to Act: Turn Changes into Opportunities
2026 is a turning point for superannuation rules. Rather than worry about new taxes or processes, use this moment to take control of your super. Proactive planning always beats reactive panic. Whether it’s maximising contributions, adjusting investments, or considering larger moves, acting sooner will put you in the best position.
No matter your career stage or balance, a short conversation now could mean tens of thousands more in retirement, or peace of mind that you won’t be ambushed by new taxes. If you are ready to boost your super strategy in 2026 and beyond each out for a one-on-one review, especially if you’re a high-income earner or nearing retirement. It’s never too early (or too late) to make smart moves with your super.
For a tailored superannuation strategy session, including prepping for the Division 296 changes, contact James Marshall at Resources Unearthed on (07) 3007 2000, or email contact@resourcesunearthed.com.au.
To learn more about James, visit this link.
Resources Unearthed is a solutions hub that connects senior executives, established professionals, and business owners in mining and resources with proven specialist advisers.
Stratus Financial Group and its advisers are Authorised Representatives of Fortnum Private Wealth ABN 54 139 889 535 AFSL 357306. This advice is general and does not take into account your objectives, financial situation, or needs. You should not act on it without first obtaining professional financial advice specific to your circumstances.
*Please note: For financial advice and services relating to this matter that are not offered under the Fortnum Private Wealth AFSL, in accordance with our collaborative advice model, when required, such matters are referred to appropriately qualified professionals.
