New tax reforms pass Parliament

New Tax Reforms Pass Parliament

The Treasury Laws Amendment (Tax Reform No. 2) Bill 2026 has passed Parliament, introducing several tax changes for businesses from 1 July 2026.

Key changes

• Loss carry-back returns: Eligible companies will be able to offset tax losses against tax paid in the previous two years, potentially generating a refundable tax offset
• $20,000 instant asset write-off: The $20,000 threshold will become permanent for eligible small businesses with turnover of less than $10 million
• Property tax treatment: Further provisions clarify how the recent negative gearing and CGT reforms apply where property interests change through inheritance or relationship breakdown, including certain new-build properties.

Business and agribusiness owners should consider how the changes may affect tax planning, asset purchases and cash flow from the 2026-27 income year.

If you have questions about how these measures apply to your business, contact Flor-Hanly on 07 4963 4800.

Source: Australian Government, Next tranche of tax reforms pass Parliament, Treasury Ministers, 20 August 2026.