We present the discovery of the variable optical and X-ray counterparts to the radio millisecond pulsar (MSP) PSR J1306–40, recently discovered by Keane et al. We find that both the optical and X-ray fluxes are modulated with the same period, which allows us to measure for the first time the orbital period Porb = 1.097¿16[6] d. The optical properties are consistent with a main-sequence companion with spectral type G to mid K and, together with the X-ray luminosity (8.8¿×¿1031¿erg¿s-1 in the 0.5–10¿keV band, for a distance of 1.2¿kpc), confirm the redback classification of this pulsar. Our results establish the binary nature of PSR J1306–40, which has the longest Porb among all known compact binary MSPs in the Galactic disc. We briefly discuss these findings in the context of irradiation and intrabinary shock emission in compact binary MSPs.