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Budget tax reforms are shifting - here's what's changed

12 July 2026
by Tim Olynyk
5-minutes read

In May’s Federal Budget, the Government announced sweeping tax reform – including the removal of the 50% CGT discount, a 30% minimum tax rate on capital gains, limits to negative gearing on residential property from 1 July 2027, and also a 30% minimum tax rate on discretionary trust income from 1 July 2028 (the latter still not before Parliament).

Since then, significant lobbying against the changes has led the Government to agree to several amendments to the draft legislation – the result of negotiation with the Greens to get the bill through Parliament. Here’s what’s changed so far.

Wondering how this affects your structure?

Talk to your BG Private advisor before the changes take effect.

Limited access to the 50% CGT discount

Lobby groups argued that removing the 50% CGT discount from 1 July 2027 would stifle investment in start-ups. The Government has agreed to amend the draft legislation to preserve the discount for investments in innovative start-up companies – those with turnover under $50 million, incorporated for less than 10 years.

Increased access to the Small Business CGT discount

Small businesses with aggregated net assets under $6 million, or turnover under $2 million, can currently access a suite of Small Business CGT concessions. The Government will extend the 50% discount on capital gains from the sale of business assets to businesses with turnover between $2 million and $10 million.

Testamentary trusts carved out of the 30% minimum tax regime

Testamentary trusts – those created under a Will, which activate on death – were originally set to be caught by the proposed 30% minimum tax rate on discretionary trust income from 1 July 2028. The Government has now confirmed testamentary trusts will be excluded from these amendments.

SMSFs to lose the ability to borrow for residential property

With the CGT discount disappearing for individuals and trusts – but remaining intact for superannuation – investing through an SMSF would have become a far more attractive option. The Government has moved to close that gap.

Time-sensitive

From 45 days after the amending legislation passes, SMSFs will be prevented from using Limited Recourse Borrowing Arrangements (LRBAs) to purchase residential property. If an SMSF property purchase is on your radar, this narrows the window to act.

What this means for you

Most BG Private clients won’t need to act immediately – much of this remains draft legislation, and the trust tax measure hasn’t even reached Parliament yet. But if you’re considering a start-up investment, planning a business sale, structuring a testamentary trust, or thinking about an SMSF property purchase, the details above may change your timing or approach.

We can help

None of this needs to be navigated alone, and there’s no need to make rushed decisions before the legislation is finalised. Have questions about your position? Contact your BG Private client service team today.

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About the author

Tim Olynyk

Partner | Tax Advisory

Tim Olynyk is a Tax Advisory Partner with close to 30 years of specialist experience advising private family groups and professional services firms on complex tax matters. His edge lies in finding smarter structuring solutions, ensuring every transaction is approached with the right tax strategy from the outset.