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Federal Budget 2026/2027

Reducing the FBT concession for electric cars From 1 April 2029, a permanent 25% discount on FBT will be available for all electric cars valued up to and including the fuel-efficient luxury car tax threshold, implemented through a 15% rate in the statutory formula. The following transitional arrangements will apply: • All eligible electric cars will retain the FBT discount rate that was in place when the arrangement commenced. • All electric cars valued up to and including $7

1 day ago1 min read

Federal Budget 2026/2027

Permanent $20,000 instant asset write-off From 1 July 2026, the Government will permanently extend the $20,000 instant asset write-off for small businesses with turnover of less than $10 million. Assets valued at $20,000 or more can continue to be placed into the small business depreciation pool. The provisions that prevent small businesses from re-entering the simplified depreciation regime for five years after opting out will continue to be suspended until 30 June 2027.

1 day ago1 min read

Federal Budget 2026/2027

Reforming negative gearing for residential property investments From 1 July 2027, losses from established residential properties will only be deductible against rental income or the capital gains from residential properties. Excess losses will be carried forward and are able to be offset against residential property income in future years. These changes will apply to established residential properties acquired from 7:30 PM (AEST) on 12 May 2026. Properties acquired prior to t

1 day ago1 min read

Federal Budget 2026-27

$1,000 Standard Deduction for Work-related Expenses The Government will introduce a standard tax deduction of up to $1,000 for work-related expenses from the 2027 income year. Draft legislation and explanatory materials have been released for consultation regarding this measure: Treasury Laws Amendment Bill 2026: standard deduction for work-related expenses. The Draft Bill proposes to amend the tax law to introduce a standard deduction of up to $1,000 for Australian tax resid

1 day ago1 min read

Federal Budget 2026/2027

Reforming the taxation of discretionary trusts From 1 July 2028 (i.e., from the 2029 income year), trustees will pay a minimum tax of 30% on the taxable income of discretionary trusts. Beneficiaries, other than corporate beneficiaries, will receive non-refundable credits for the tax payable by the trustee. Under the minimum tax, corporate beneficiaries will be assessed based on the trust income to which they are entitled, without being able to claim credits for tax payable by

1 day ago1 min read

Previously announced tax cuts in 2027 and 2028

The Budget referenced the Government’s previously announced tax cuts (which have already been legislated), as follows: • The (current) 16% tax rate will be reduced to 15% from 1 July 2026. • The 15% tax rate will be further reduced to 14% from 1 July 2027. For reference, the personal income tax rates for the 2026 income year are set out in the following table, along with the tax rates for the 2027 and 2028 income years:

1 day ago1 min read