\n\t\t
\n\t\t\tKey Announced Tax Measure
\n\t\t\tOur Instant Insights
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<\/p>\n
30% tax on “discretionary” trusts<\/p>\n
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\n\t\t\t\tFrom 1 July 2028, trustees of “discretionary” trusts will be required to pay 30% tax on their net taxable income (with some exclusions).\u00a0
\n\t\t\t\tTrustees will be required to use franking credits to first pay the minimum tax (i.e. not passed through to beneficiaries), with consultation to occur on how excess franking credits can be used.
\n\t\t\t\tBeneficiaries other than companies will get a non-refundable tax credit for the tax paid on their share of the trust distribution (with any top up tax payable at marginal rates). Company beneficiaries get no credits.
\n\t\t\t\tWill not apply to “fixed” and “widely held” trusts, complying superannuation funds, special disability trusts, deceased estates and charitable trusts.
\n\t\t\t\tWill not apply to primary production income, income for vulnerable minors, amounts subject to foreign resident withholding tax (i.e. share of interest, dividends and royalties to which\u00a0non-residents are entitled) and income from testamentary trusts existing as at 12 May 2026.
\n\t\t\t\tIncome tax and capital gains tax (CGT) rollover relief to restructure into a fixed trust or company from 1 July 2027.
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\n\t\t\t\tA measure clearly aimed at eliminating discretionary trusts as a structure by creating a more punitive taxation regime than applies to companies.
\n\t\t\t\tThe changes would result in company beneficiaries effectively paying double tax on distributions received from a “discretionary trust” (targeting and trying to eliminate “bucket company” structures used across small businesses as a way of accumulating funds at only 30% tax).
\n\t\t\t\tWill have profound impact on a wide range of business and professional structures, with the rollover relief the “carrot” to restructure out of discretionary trusts.
\n\t\t\t\tWhilst pitched at “discretionary trusts”, the current tax law contains no such defined concept. As such, it is unclear which trusts will be affected. The language suggests it will by excluding certain types of trusts (fixed and widely held trusts) rather than defining “discretionary trust”\u2014but that could leave a number of unit and other trusts with fixed entitlements that do not qualify as “fixed trusts” or attribution managed investment trusts (AMITs) under current rules exposed to these rules without being discretionary trusts in the common sense of that word (e.g. non-AMITs with multiple classes).
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50% CGT discount abolished; cost base indexation and minimum 30% tax rate on capital gains<\/p>\n
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\n\t\t\t\tThe current 50% CGT discount for individuals, partnerships and trusts will be removed for capital gains arising after 1 July 2027 (except for capital gains on first disposal of newly constructed residential property).
\n\t\t\t\tInstead, there will be a return to pre-1999 regime of indexation of cost base by Consumer Price Index (CPI) annually after 12 months, but with a 30% minimum tax on net capital gains arising after 1 July 2027 (except in limited circumstances).
\n\t\t\t\tComplex transitional measures will apply:
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\n\t\t\t\t\tThere are no changes for CGT events (e.g. disposals) happening before 1 July 2027;\u00a0
\n\t\t\t\t\tFor assets acquired prior to that date but disposed after 1 July 2027, they will be subject to two regimes: (i) existing discount regime on capital gains to 1 July 2027, with value at 1 July 2027 worked out using valuation (including quoted stock prices) or a yet to be published ATO formula (e.g. so 50% discount and exemption for pre-September 1985 CGT assets applicable to that gain) and (ii) that value then treated as cost base from 1 July 2027 and indexed annually under new regime (including for pre-CGT assets) and any future gain subject to minimum 30% tax.
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\n\t\t\t\tInvestors in new residential properties however will be able to choose either the 50% CGT discount, or cost base indexation and the minimum tax.
\n\t\t\t\tThe existing 33 1\/3% discount for capital gains made by superannuation funds, 60% discount on capital gains on qualifying affordable housing, and discounts and exemptions under small business CGT concessions will not be impacted.
\n\t\t\t\tConsultation on application to start-up and early-stage businesses.
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\n\t\t\t\tThis represents a substantial change to the taxation of capital gains in Australia, likely significantly increasing CGT for most investors.
\n\t\t\t\tUnder an indexation approach, the original purchase price of an asset would be increased by CPI over the holding period, with CGT applying only to the inflation adjusted gain.\u00a0
\n\t\t\t\tThis proposal is a major concern for start-ups (including founders and those given equity in start-ups as compensation for less-than-market wages (or none at all)). This is because they often have little or no cost base to index. There is no specific relief announced, but only a promise of consultation. However given the continuing uncertainty, it is likely to have a dampening effect on start-up investment\/the ability to use equity as an incentive to join start-ups.
\n\t\t\t\tThere will be a rush to get valuations of existing assets as at 1 July 2027, given based on experience it is unlikely the ATO approved valuation methodology will be particularly concessional.\u00a0
\n\t\t\t\tIn a surprise, pre-1985 CGT assets will be brought into the CGT net for the first time from 1 July 2027 (although this may have limited impact).
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Removal of negative gearing on residential property<\/p>\n
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\n\t\t\t\tFrom 1 July 2027, the ability to deduct net investment losses (most commonly rental property losses) (i.e. negative gearing) against salary or other income for residential property investments will be removed for properties acquired from 12 May 2026.\u00a0
\n\t\t\t\tInstead, losses from established residential properties will only be deductible against rental income or the capital gains from residential properties (and not other sources of income).
\n\t\t\t\tExcess losses will be carried forward and able to be offset against residential property income (including capital gains) in future years.
\n\t\t\t\tFollowing asset classes will be exempt from the changes: eligible new builds of residential property, properties held in widely held trusts, managed investment trusts and superannuation funds, certain build-to-rent developments and private investors supporting government housing programs.
\n\t\t\t\tNegative gearing retained on other assets such as commercial property and shares.
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\n\t\t\t\tIn welcome relief, grandfathered changes so that they do not apply to existing negatively geared properties (i.e. only properties acquired from 12 May 2026, which will lose benefit from 1 July 2027).
\n\t\t\t\tFor acquisitions from 12 May 2026, ability to deduct losses are preserved for new housing only, meaning investor demand may move toward new construction or assets that generate income rather than capital growth. New housing will generally not include substantial renovations or knock-down rebuilds.
\n\t\t\t\tDisappointing to see that the losses from existing residential properties are not available to offset other investment income (e.g. interest on savings and dividends).
\n\t\t\t\tRing fencing primarily changes the timing and usability of deductions, worsening early year post tax cash flows for leveraged investments.
\n\t\t\t\tIt is unclear at this stage if the benefit of any carried forward losses will be lost at a future point in time if those losses are unable to be recouped in any given year.
\n\t\t\t\tNo limitation on the number of existing properties that can be negatively geared. \u00a0
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Venture capital incentive changes<\/p>\n
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\n\t\t\t\tSome of the venture capital tax incentives will be broadened. These are incentives that apply to certain limited partnerships that invest in venture capital and early-stage venture capital investments\u2014VCLPs and ESVCLPS. \u00a0
\n\t\t\t\tVCLPS and ESVCLPs are currently not permitted to invest in an entity if the entity’s associate-inclusive assets exceed a stipulated amount\u2014AU$250 million for VCLPs, and AU$50 million for ESVCLPS. These amounts will be increased to AU$480 million (VCLPs) and AU$80 million (ESVCLPs). This will also allow greater access to the tax offset for investing into ESVCLPs.
\n\t\t\t\tCapital gains made by an ESVCLP are exempt from tax in the hands of the limited partners, provided the value of the investee’s associate-inclusive assets does not exceed AU$250 million (with a partial exemption thereafter). The AU$250 million threshold will now be increased to AU$420 million.
\n\t\t\t\tThe committed capital of an ESVCLP is currently limited to AU$200 million. This will be increased to AU$270 million.
\n\t\t\t\tOne venture capital concession has been curtailed. The eligible venture capital investor program will be abolished.\u00a0
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\n\t\t\t\tClearly an intent to drive investment in start-ups and early stage businesses through ESVCLPs and VCLPs, given the changes to the CGT regime and the lack of current details on any specific other exemptions for start-ups.
\n\t\t\t\tThe increase in permitted value should materially increase the pool of potential investee companies.
\n\t\t\t\tThe change to increase the amount of a capital gain that is exempt is significant when contrasted against the removal of the general 50% CGT discount (albeit that it does not help founders or other employees who invest labour, time and ideas rather than money). However, for investors and venture capital funds, it will make early-stage investment more attractive, as more of the capital gain on a highly successful investment will be sheltered from tax.
\n\t\t\t\tIt is unlikely that the increase in permissible fund size will have much of an effect. It is relatively simple to set up a second ESVCLP if investor appetite exceeds AU$200 million. \u00a0
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Changes to R&D tax concessions<\/p>\n
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From 1 July 2028:<\/p>\n
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\n\t\t\t\tIncrease of respective offset rates by 4.5% (for example, the maximum offset rate 41% for non-refundable and 48% for refundable).
\n\t\t\t\tReducing the intensity threshold i.e. percentage of total spend that is R&D expenditure from 2% to 1.5%.
\n\t\t\t\tRemove eligibility of supporting R&D expenditure (i.e. all R&D activities must now meet the more stringent requirements of core R&D activities).
\n\t\t\t\tIncrease in the AU$150 million R&D expenditure cap (to AU$200 million).\u00a0
\n\t\t\t\tExpansion of the refundable offset turnover threshold (from AU$20 million to up to AU$50 million), extending refundable R&D tax benefits to a broader cohort of growth stage companies but refundability is removed for companies > 10 years old.\u00a0
\n\t\t\t\tIncrease in the minimum eligible R&D expenditure threshold (from AU$20,000 to AU$50,000) unless undertaken through a registered Research Support Program or Cooperative Research Centres Program.
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\n\t\t\t\tThe changes seek to make Australia a more competitive environment for researchers\u2014industry will say finding backers to fund projects is still difficult in Australia.\u00a0
\n\t\t\t\tLifting the R&D expenditure cap above AU$150 million directly benefits capital intensive groups but given many countries have no cap this may not be enough to make Australia a jurisdiction of choice for cutting edge research.\u00a0
\n\t\t\t\tSmaller claimants will be locked out of the system or into working with registered providers\u2014this adds restrictions and complexity to the system. The small business loss refundability rules will go part way to addressing potential impact of these changes.
\n\t\t\t\tNarrowing the breadth of R&D activities and therefore expenditure that can be claimed. The government notes a net reduction of approximate AU$700 million in offset payments.
\n\t\t\t\tCreating a distinction between “old” companies and “new” companies seems artificial and may give rise to complex structures and planning to maintain entitlement to refundable offsets.\u00a0
\n\t\t\t\tAppears unlikely these changes will simplify an already complex offset regime and is clearly favouring large scale investment by large taxpayers over innovative startups or small but established companies.\u00a0
\n\t\t\t\tBudget goes some way towards implementing recommendations in the recent Ambitious Australia report.\u00a0
\n\t\t\t\tThe changes are accompanied by more money for the Australian Taxation Office to audit R&D Tax Incentive Claims.
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Loss refundability changes for businesses and small start-ups<\/p>\n
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From 1 July 2026:<\/p>\n
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\n\t\t\t\tCompanies with aggregated annual global turnover of up to AU$1 billion can now carry back tax losses and offset them against tax paid up to two years earlier.\u00a0
\n\t\t\t\tOffset only applies to revenue losses and limited by a company\u2019s franking account balance.\u00a0
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From 1 July 2028:<\/p>\n
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\n\t\t\t\tSmall start-up companies (aggregated annual turnover of less than AU$10 million) with tax losses in their first two years of operation can now receive a refundable tax offset for those years. \u00a0
\n\t\t\t\tOffset limited to the value of fringe benefits tax and withholding tax on Australian employees\u2019 wages paid in the loss year.\u00a0
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\n\t\t\t\tThe loss carry-back regime has been officially reintroduced, having previously been introduced in the 2020 Budget and temporarily extended in the 2021 Budget.\u00a0
\n\t\t\t\tAs a result of the reintroduction of the regime, small to medium business can now access increased cashflow.
\n\t\t\t\tNewly introduced is the offset to small start-ups, who, as a result, can now access new cashflow given they largely cannot take advantage of the changes to carry back tax losses due to lacking revenue gains to offset. This is a helpful concession for small businesses, although the AU$10 million turnover and limitation to the first two years will make its application limited.\u00a0
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Pre-budget: Foreign resident CGT withholding changes<\/p>\n
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\n\t\t\t\tDefinition of “taxable Australian real property” expanded to include specific kinds of assets including anything fixed to land or intended to remain on land and contractual rights.
\n\t\t\t\tNew definition of “real property” to apply to all CGT events since 12 December 2006.
\n\t\t\t\tNew definitions of “real property” and “immovable property” to apply to all tax treaties Australia has signed.\u00a0
\n\t\t\t\tPrincipal asset test for “indirect Australian real property interests” changed to a 365-day test from a point-in-time test.
\n\t\t\t\tIntroduce a compulsory notification regime for transactions with aggregate value of over AU$50 million to obtain foreign resident CGT withholding relief.\u00a0
\n\t\t\t\tIntroduce a 50% CGT discount for certain renewable energy assets.
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\n\t\t\t\tSignificant and concerning expansion of the definition of “real property”, going against established caselaw and previous ATO guidance.\u00a0
\n\t\t\t\tRetrospective application unlikely to apply to most foreign resident investors as most will be covered by the prospective application of the changes in Australia\u2019s tax treaties.\u00a0
\n\t\t\t\tPossible chilling effect on foreign investment in Australia due to increased knowledge requirements for purchasers relying on CGT withholding declarations from vendors.\u00a0
\n\t\t\t\t50% CGT discount on renewable energy assets will be of limited relief to foreign residents, with more clarity required from the Government on the scope of its application.\u00a0
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Instant asset write-off of AU$20,000 made permanent if turnover less than AU$10 million<\/p>\n
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From 1 July 2026:<\/p>\n
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\n\t\t\t\tInstant asset write-off for businesses with aggregated turnover < AU$10 million (including connected entities and affiliates).
\n\t\t\t\tImmediate deduction for each eligible depreciating asset costing less than AU$20,000.
\n\t\t\t\tAsset must be first used or installed ready for use in the income year.
\n\t\t\t\tMultiple assets can be written off, provided each is under AU$20,000.
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Assets \u2265 AU$20,000:
\n\t\t\tCan continue to be depreciated through the small business depreciation pool (15% first year, 30% thereafter). Provisions that prevent small businesses from re-entering the small business depreciation pool for five years after opting out will continue to be suspended until 30 June 2027.<\/p>\n
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\n\t\t\t\tInitially a measure introduced as a response to the COVID-19 pandemic and extended each year since 2023, it has now been made permanent. \u00a0
\n\t\t\t\tPrimary benefit for small operating businesses, improving cash-flow timing.
\n\t\t\t\tSupports operational spending on tools, technology, vehicles and fit outs by allowing businesses to invest when needed, rather than rushing purchases before sunset dates.
\n\t\t\t\tRequiring non-compliant taxpayers to adopt monthly reporting suggests a stronger focus on compliance and earlier intervention by the ATO.
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Global Anti\u2011Base Erosion Rules (Pillar Two) side-by-side package implementation<\/p>\n
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\n\t\t\t\tAustralia will implement the side-by-side (SbS) package agreed by the OECD \/ G20 Inclusive Framework on BEPS on 5 January 2026.\u00a0
\n\t\t\t\tThe SbS package will apply from 1 January 2026.\u00a0
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\n\t\t\t\tThe SbS package introduces new safe harbours and simplifications for Pillar Two compliance and aims to address coexistence with the US minimum tax system.
\n\t\t\t\tSpecifically, it includes the following measures:
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\n\t\t\t\t\tSbS Safe Harbour.
\n\t\t\t\t\tUltimate Parent Entity safe harbour.
\n\t\t\t\t\tIntroduction of Substance-Based Tax Incentives Safe Harbour.
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\n\t\t\t\tSimplification measures:\u00a0
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\n\t\t\t\t\tSimplified Effective Tax Rate Safe Harbour.
\n\t\t\t\t\tUnder the SbS package, various new safe harbours and simplifications for Pillar Two compliance and addressing coexistence with the US minimum tax system.
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Phased reduction of fringe benefits tax (FBT) concessions for electric vehicles (EVs)<\/p>\n
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\n\t\t\t\tPhased removal of FBT exemption and shift to a 25% FBT concession over 3 years.
\n\t\t\t\tPhase 1: Existing full FBT exemption continues until April 2027.
\n\t\t\t\tPhase 2: Between 1 April 2027 and 1 April 2029, full FBT discount applies to EVs < AU$75,000 and 25% FBT discount applies to EVs > AU$75,000 but below the luxury car tax threshold (AU$91,387 for the 2026 income year).\u00a0
\n\t\t\t\tPhase 3: From 1 April 2029, 25% FBT discount applies to all EVs below the luxury car threshold.
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\n\t\t\t\tNovated leasing and salary packaging models will materially weaken, particularly for higher-value EVs, as the changes significantly erode the tax advantage that drove recent uptake. This will likely prompt a short-term rush into leases ahead of phase-down dates, followed by slower demand.\u00a0
\n\t\t\t\tThe transitional rules create a \u201cuse it or lose it\u201d window for the full FBT exemption, which is likely to increase EV uptake in the short term rather than increase it over time. This suggests a goal of timing behavioural shifts and revenue recovery rather than long-term increased use of EVs.
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<\/p>\n
Working Australian Tax Offset of AU$250 against employment income<\/p>\n
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From 1 July 2027:<\/p>\n
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\n\t\t\t\tWage and salary earners and sole traders provided with a permanent annual tax offset as cost-of-living support for all working Australians.
\n\t\t\t\tNot means tested, but excludes people without employment income (i.e. retirees).
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\n\t\t\t\tOperates as a similar mechanism to previous low and medium income tax offset for cost-of-living relief on earned income, rather than passive income.\u00a0
\n\t\t\t\tEffectively increases tax-free threshold to AU$19,915 for taxpayers receiving at least that in eligible income.
\n\t\t\t\tWage and salary earners who pay income tax would receive the full offset, providing a flat dollar benefit rather than a marginal rate based reduction.
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<\/p>\n
AU$1,000 instant tax deduction<\/p>\n
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From 1 July 2026:<\/p>\n
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\n\t\t\t\tNew mechanism allows eligible taxpayers to claim a flat AU$1,000 deduction for work related expenses without itemising or substantiating individual expenses.
\n\t\t\t\tTaxpayers can choose between:\u00a0
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\n\t\t\t\t\tthe AU$1,000 standard deduction, or
\n\t\t\t\t\tclaiming actual work related expenses under existing rules
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\n\t\t\t\tReduces compliance costs and paperwork.
\n\t\t\t\tSimplifies claims for taxpayers who currently claim less than AU$1,000 in work related deductions.
\n\t\t\t\tIncrease from previous AU$300 no-receipt rule.
\n\t\t\t\tHowever, it will be reduced on a dollar-for-dollar basis by actual work deductions claimed including on depreciation\/capital allowance deductions, meaning it will really be an alternative to claiming any work deductions.
\n\t\t\t\tGiven includes things like income protection insurance and other fees, unlikely to apply to anyone but simplest of taxpayers.
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Personal income tax cuts and Medicare levy threshold increase<\/p>\n
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\n\t\t\t\tNo new cuts announced in the budget, but continued implementation of the stage 3 tax cuts legislated in 2024.
\n\t\t\t\tLowest marginal tax rates drop from 16% to 15% from 1 July 2026 and to 14% from 1 July 2027.
\n\t\t\t\tIncreasing the Medicare levy low-income thresholds from 1 July 2025.
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\n\t\t\t\tContinued area of focus as rising inflation increases bracket creep and cost of living pressures impact all income levels.\u00a0
\n\t\t\t\tThese are minor tax cuts, reducing tax by just over AU$268 in 2026-2027 and AU$536 from 1 July 2027.
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<\/p>\n","protected":false},"excerpt":{"rendered":"
Key Announced Tax Measure
Our Instant Insights
30% tax on “discretionary” trusts
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