Reading Room - Taxation
From the 2026-27 income year employees and sole traders can claim a flat $1,000 deduction for work-related expenses without keeping a single receipt.
Superannuation contribution caps have increased offering an opportunity to build retirement savings or reduce taxable income through super contributions.
If you employ staff, Payday Super affects you directly and immediately – employers must now pay superannuation guarantee within 7 business days of each payday.
Understanding where the ATO is focusing attention is the best way to lodge a return with confidence and avoid a time-consuming compliance review.
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.
