Federal Budget 2026-27: Key Announcements

29/08/2026 11:25 PM

Federal Budget 2026-27: Key Announcements

On Tuesday, 12 May 2026, Treasurer Jim Chalmers delivered what is being called the most ambitious Budget in decades. The 2026-27 Federal Budget introduces significant reforms to Capital Gains Tax (CGT) and Negative Gearing to improve housing affordability, while offering permanent relief for small businesses and targeted offsets for workers.

Support for Small Business

Permanent Instant Asset Write-Off: The $20,000 threshold is now a permanent fixture for businesses with turnover under $10 million, starting 1 July 2026.

Loss Carry-Back: Companies under $1B turnover can offset current losses against tax paid up to two years prior, providing a vital cash flow injection.

Trust Reform: A new 30% minimum tax on discretionary trusts arrives in 2028, though a three-year "rollover relief" window will open in 2027 to help businesses restructure into companies or fixed trusts.

Individual & Worker Relief

Tax Offsets: A permanent $250 Working Australians Tax Offset starts in 2027. Additionally, a $1,000 instant tax deduction for work-related expenses (with no receipts required!) begins 1 July 2026 for those with low deductions.

Rate Cuts: Legislated tax cuts will see the 16% rate drop to 15% this July (2026), and further to 14% in 2027.

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