Clarity Business Accounting

13/05/2026

NTAA BUDGET SUMMARY - Reforming negative gearing for residential property investments

From 1 July 2027, losses from established residential properties will only be deductible against rental income or the capital gains from residential properties. Excess losses will be carried forward and are able to be offset against residential property income in future years.

These changes will apply to established residential properties acquired from 7:30 PM (AEST) on 12 May 2026. Properties acquired prior to this time (including contracts entered into but not yet settled) will be exempt from the changes until disposal.

Eligible new builds will be exempt from the changes.

Properties in superannuation funds and widely held trusts will be excluded, alongside targeted exemptions for build-to-rent developments and private investors supporting government housing programs.

13/05/2026

NTAA BUDGET SUMMARY - Reforming the taxation of discretionary trusts

The Government will introduce a minimum 30% tax on discretionary trusts.

From 1 July 2028 (i.e., from the 2029 income year), trustees will pay a minimum tax of 30% on the taxable income of discretionary trusts. Beneficiaries, other than corporate beneficiaries, will receive non-refundable credits for the tax payable by the trustee.
Under the minimum tax, corporate beneficiaries will be assessed based on the trust income to which they are entitled, without being able to claim credits for tax payable by the trustee.

The minimum tax will not apply to other types of trusts such as fixed trusts, fixed testamentary trusts, complying superannuation funds, special disability trusts and deceased estates.

Some types of income such as primary production income, certain income relating to vulnerable minors, amounts to which non-resident withholding tax applies, and income from assets of discretionary testamentary trusts existing at announcement will also be excluded.

The Government will provide expanded rollover relief for three years from 1 July 2027 for small businesses and others that wish to restructure out of discretionary trusts into another type of entity, such as a company or fixed trust.

13/05/2026

NTAA BUDGET SUMMARY - Replacing the 50% CGT discount with indexation

From 1 July 2027, the 50% CGT discount will be replaced by cost base indexation for assets held for more than 12 months, with a 30% minimum tax on net capital gains.

These changes will apply to all assets, including pre-CGT assets, held by individuals, trusts and partnerships.

Transitional arrangements will limit the impact on existing investments by ensuring the changes only apply to gains accruing on or after 1 July 2027. The 50% CGT discount will continue to apply to gains that accrued before 1 July 2027.

Capital gains on pre-CGT assets that accrued before 1 July 2027 will remain exempt from CGT.

Furthermore, investors in new residential properties will be able to choose either:
• the 50% CGT discount; or
• cost base indexation and the 30% minimum tax.

Income support payment recipients, including Age Pension recipients, will be exempt from the minimum tax.

Assets that are sold prior to 1 July 2027 will continue to be subject to the existing rules.

Main residence exemption is unaffected

20/04/2026

6.2 million Aussies to get $1k instant tax deduction | news.com.au — Australia’s leading news site for latest headlines https://share.google/u7QvfPlQ67blg2iRD

Read the latest headlines covering sports, entertainment, finance, politics and national breaking news. Be on it with Australia's leading news site.

23/12/2025

Wishing all our friends the most magical christmas. Stay safe and laugh lots. 🎄🎅⭐️

06/11/2025

As of 1st July 2026 more reporting requirements

Why is this happening:
For the last 30 years AUSTRAC has regulated businesses in the financial services and gambling sectors, like banks and casinos. As money laundering methods becomes increasingly sophisticated and fast-moving, we are expanding our regulation to include services provided by high-risk sectors that work on the front line of high value transactions. This includes:
*real estate professionals
*dealers in precious stones, metals and products
*lawyers
*conveyancers
*accountants
*trust and company service providers.
We collect and analyse financial reports and information we receive from those we regulate, and work with our partners to identify and disrupt money laundering and other financial crimes.
https://www.austrac.gov.au/about-us/amlctf-reform/check-if-you-may-be-regulated-reform

01/08/2025

HECS reduction: Labor passes student debt cuts | SBS News

Labor has passed a cut to student debt as its first order of business, delivering on a key election promise to younger Australians.