Federal Budget 2026/27
Key takeaways

Yesterday the Federal Treasurer, Jim Chalmers, released his much-awaited Federal Budget for the 2026/27 financial year.

After months of rumours, the Federal Budget announced sweeping tax reforms that will have a significant impact on taxpayers and on their investment returns.  In delivering  the Federal Budget, Jim Chalmers stated that the tax reforms were necessary to be introduced to ensure intergenerational equality of wealth between the younger generation and the ageing generation.

In this wrap-up, our expert Tax Advisory Partner, Tim Olynyk, decodes the major implications for you covering:

  • Removal of the CGT discount concession
  • Restrictions on negative gearing
  • Taxation of trusts
  • Re-introduction of tax loss carryback scheme
  • Small Business write-off
  • Loss refundability for small start-up companies
  • Changes to R&D
  • Salary packaging changes for electric cars
  • Standard work-related tax deduction
  • Earned income tax offset

 

Read more