15/06/2026
The Federal Budget has introduced several measures that may create opportunities for small businesses and individuals:
• Invest in business assets with greater certainty: The $20,000 instant asset write-off has been made permanent for eligible small businesses, allowing immediate deductions for qualifying equipment and assets purchased and installed ready for use.
• Simplified tax deductions and future tax relief: A new $1,000 instant tax deduction will enable individuals and sole traders to claim eligible work-related expenses without the need to retain detailed receipts. In addition, the new $250 Working Australians Tax Offset (WATO) will provide further tax relief.
• Support for businesses experiencing losses: Eligible companies will be able to carry back current-year tax losses and potentially receive refunds for tax paid in the previous years, helping to improve cash flow during challenging periods.
• Future support for startups and early-stage businesses: The Government has also announced plans for a new measure aimed at supporting eligible startups and early-stage businesses, with further details expected to be released.
These initiatives are designed to reduce compliance costs, improve cash flow, encourage investment, and provide targeted support to businesses at various stages of growth.
We will also provide further guidance to our clients on other measures such as the 30% tax for trusts and the changes to the capital gains tax laws once released.
