Reading Room - State & Federal Legislation/Budgets
One of the big structural changes in the 2026-27 Budget is the introduction of a minimum 30% tax on the income of discretionary trusts, effective from 1 July 2028.
Under the Budget, the full FBT exemption will be phased out and replaced with a permanent 25% FBT discount and existing arrangements will be grandfathered.
Budget business measures include permanent extension of the instant asset write-off, the reintroduction of loss carry-back and reforming the R&D Tax Incentive.
For individual taxpayers, the 2026-27 Budget confirms previously legislated tax rate cuts and two new measures designed to ease cost-of-living pressures.
Negative gearing for established residential property is restricted from 1 July 2027. Properties acquired before 7:30pm AEST on 12 May 2026 are grandfathered.
From 1 July 2027, the 50% CGT discount for assets held more than 12 months will be abolished and replaced with CPI-based cost base indexation.
New rules require certain retailers to accept cash payments, ensuring Australians can buy essential goods like groceries and fuel. Is your business affected?
Division 296 super tax is a Government proposal to impose an 15% tax on superannuation earnings for individuals if their superannuation balance is over $3 million.
As the Labor party settle back into their seats having secured a majority in the House of Representatives, we look at the campaign promises and the unfinished business from last term.
