News & Articles

Latest Federal Budget Highlights

  • From 1 July 2026, Workers can claim up to $1,000 for work-related expenses without needing to itemize individual receipts
  • From 1 July 2026, A new $250 tax offset targets employees and sole traders to help alleviate cost-of-living pressures.
  • From 1 July 2027, The 50% CGT discount is replaced by an inflation-based discount alongside a new minimum 30% tax on real capital gains
  • The $20,000 instant asset write-off has been permanently extended for small businesses with turnovers of up to $10 million
  • EV concessions shift to a permanent 25% Fringe Benefits Tax (FBT) discount. Applies to vehicles over $75,000 on 1 April 2027, expanding to all eligible EVs on 1 April 2029
  • The 16% threshold bracket ($18,201 to $45,000) drops to 15% from 1 July 2026, and down to 14% from 1 July 2027
  • Professional association fees, union fees, charitable donations, and income protection insurance remain separately claimable
  • Elective monthly PAYG instalments begin 1 July 2027. The ATO is expanding its dynamic instalments pilot using native accounting software to adjust for changing business condition