Ruddicks Chartered Accountants

Last night's Federal Budget 2026-27 delivered a significant overhaul of Australia's tax system, fundamentally reshaping how middle market businesses invest, structure and grow.

Here are some of the key changes:
- 50% CGT discount abolished, replaced with an inflation-based model and a minimum 30% CGT from 1 July 2027.
- A new minimum 30% tax on discretionary trust distributions from 1 July 2028.
- Negative gearing limited to new housing from 1 July 2027, with existing properties grandfathered.
- Instant asset write-off of $20,000 for small businesses made permanent.
- FBT exemptions for EVs to be significantly phased out.

This Budget represents a clear break from past tax settings, with potentially wide-ranging implications for how businesses operate and grow and family wealth is deployed and accumulated.

While there is time before major changes come into effect, it is critical that you act soon to understand how you may need to adapt to the new systems that are impending.

As always, we are here to help wade through the detail as it evolves and to optimise your business and personal outcomes.

To see an overview or full breakdown of last night's Budget and what that means for you, visit our website below.

Federal Budget - May 2026 The Federal Treasurer, Dr Jim Chalmers, handed down the 2026–27 Federal Budget at 7:30pm (AEST) on 12 May 2026.

Today we pause to remember the courage and sacrifice of those who served and those who gave everything for our future. Their legacy lives on in the freedoms we cherish today.

At the going down of the sun, and in the morning, we will remember them.

Lest we forget.

This is a reminder to employers that the super payment due date for the quarter ending 31 March 2026 is approaching.

The payment must be received by the employee’s fund by 28 April 2026 to be compliant with the super guarantee rules.

It's important that you leave enough time for the super payment to reach the fund.

Please note that the new Payday Super changes will take effect from 1 July 2026. From this date, employers are required to pay superannuation at the same time as wages, replacing the current quarterly payment system.

For more information about super payment due dates see the below link:

https://www.ato.gov.au/businesses-and-organisations/super-for-employers/payday-super/about-payday-super