Federal Budget Announcement - What does this mean for you?

Following the recent Federal Budget announcements, you may have questions about what the proposed changes could mean for you, your business, your investments or your superannuation.

To help, we have attached a Federal Budget Summary outlining some of the key announcements.

Some of the areas covered include:

• Proposed changes to capital gains tax, including the replacement of the 50% CGT discount with cost base indexation for assets held for more than 12 months, from 1 July 2027.

• Proposed changes to negative gearing for established residential property investments acquired from 7:30pm AEST on 12 May 2026.

• A proposed standard deduction of up to $1,000 for work-related expenses from the 2027 income year.

• Changes to personal income tax rates from the 2027- and 2028-income years. 

• A permanent $20,000 instant asset write-off for eligible small businesses from 1 July 2026.

• SMSF-related updates, with the Budget described as a relatively quiet one for the SMSF sector, providing a degree of certainty and stability.

Everyone’s circumstances are different, and some of these announcements may require further clarification once legislation and final details are confirmed.

If you are unsure how any of the Budget announcements may affect you, WAI Accounting Services can help answer your questions and talk you through what may be relevant to your situation.

Contact our Tax superstar Tes at tes@waigroup.com.au for a no obligation discussion.

2026-27-SMSF-Association-Budget-Summary.pdf

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