2026 Budget: The Big Changes The Federal Government handed down the Federal Budget on 12 May 2026, with some of the biggest changes to the tax system in years. Some of the main proposed changes include: Delivering a new Working Australians Tax Offset ('WATO') to provide a permanent annual $250 tax offset to all eligible Australian workers. This applies to eligible income earned from 1 July 2027 (i.e., from the 2027/28 income year). Introducing a $1,000 instant tax deduction to allow workers...

Federal Treasurer, Jim Chalmers has handed down the 2026–27 Federal Budget on Tuesday, 12 May 2026. 1. Fundamental reforms to the CGT regime 1.1 Replacing the 50% CGT discount with indexation From 1 July 2027, the 50% CGT discount will be replaced by cost base indexation for assets held for more than 12 months, with a 30% minimum tax on net capital gains. These changes will apply to all assets, including pre-CGT assets, held by individuals, trusts and partnerships. Transitional arrangements...

ATO is 'clearing up' some common Payday Super myths With less than two months until Payday Super starts (on 1 July 2026), the ATO wishes to 'clear up' the following common misconceptions. Myth: "There is nothing super fund trustees need to do before the start date." Fact: Super funds should have already taken steps to receive more frequent contributions and meet shorter processing timeframes. System updates and testing should be underway, including implementing and testing for "SuperStream...