Tax Time 2026! [#258]
Tax Time Shake-Up: What Every Aussie Needs to Know for 2026–27!
Question:
What are the biggest tax changes coming for Australians, and what practical steps should you take before and after 30 June?
Short answer:
Major tax reforms are on the way: negative gearing rules are tightening, the capital gains tax discount is being replaced, and family trusts face a new 30% minimum tax. There’s also a $1,000 instant deduction for employees, a new Working Australians Tax Offset, and permanent instant asset write-offs for small businesses. The ATO is targeting holiday homes, family trusts, work expenses, and crypto. Mark Chapman’s advice: start planning now, keep meticulous records, and don’t leave tax prep until the last minute.
Why it matters:
With so many changes, missing the details could mean lost deductions, higher tax bills, or ATO scrutiny. Early planning and good record-keeping can save you money, stress, and time, especially as compliance gets tougher.
Sources:
• Mark Chapman, director of tax communications, H&R Block
• Tom Watson, senior journalist, Money Magazine
Timestamps:
01:07 — Federal budget tax changes explained
01:36 — Negative gearing: what’s changing and who’s affected
03:09 — Capital gains tax overhaul: what you must do before July 2027
04:50 — Family trusts: new 30% minimum tax and what it means
06:22 — $1,000 instant deduction: who benefits and what to watch out for
08:24 — Working Australians Tax Offset: extra relief for salary earners
09:51 — Lower income tax rates, super changes, and instant asset write-off
11:42 — Who the ATO is targeting this year (holiday homes, trusts, crypto)
14:49 — EOFY checklist: practical steps to take now
17:10 — How to prepare for tax time and avoid common mistakes
18:41 — Where to get more info and expert help
Podcast Links:
Listen on Apple Podcasts: https://apple.co/3mV0Cbr
Listen on Spotify: https://spoti.fi/3fSPI2h
Website: https://moneymag.com.au
Email: podcast@moneymag.com.au
Get stories like this in our newsletter: bit.ly/3GDirbR
