Vanessa Gray Accounting and Tax

12/05/2026

There was a lot in tonight's budget:
- Changes to capital gains
- Changes to negative gearing
- Changes to the taxing of discretionary trusts
- A permanent Instant Asset Write Off of $20k
- $250 Working Australian Tax Offset
- $1,000 Instant tax deduction for employees

The government has provided factsheets per the link below:

Australian Federal Budget, 2026-27

25/01/2026

Wishing you a relaxing day!

20/01/2026

Many doctors earn GST free income as a sole trader. The 75k threshold for mandatory GST registration for ABN holders applies, regardless of the type of income.

We know doctors have a lot to deal with, we can help lighten the load. Speak to us to learn more.

14/12/2025

07/11/2025

Payday super has now been legislated. The changes will commence from 1 July 2026. Employers are urged to get ready now. For more information please see the following link: https://www.ato.gov.au/about-ato/new-legislation/in-detail/superannuation/payday-superannuation

27/10/2025

PSA: Did you know with a tax agent, most of the time, you don't need to lodge by the 31st of October? If you have previously lodged on time, and your last year's tax payable was under $20k, with a tax agent, you most likely have until the 15th of May 2026 to lodge.

So if you already have a tax agent, you can relax...

If you don't have a tax agent yet, you will need to be on a tax agent's list by the 31st of October for the concessional extension to apply.

13/10/2025

https://www.afr.com/politics/federal/super-sized-backdown-as-chalmers-retreats-on-3m-super-tax-20251013-p5n1zh

A big change to the proposed div 296!

The treasurer has backed down significantly on his plans to apply 15 per cent earnings taxation to balances over $3 million.

03/06/2025

If you want to make a personal super contribution, now is the time to do it, check with your super fund for cut off dates. Making a concessional super contribution could reduce your taxable income.

Contact us to learn more.

26/03/2025

2025 Budget
Overall, a pretty low-key budget, our main points are as follows:

The tax cuts amount to $268 in from 1 July 2026 and then $536 the next financial year. It's interesting to note that this is less than the LMITO we had a few years ago.

The Instant Asset Write Off wasn't mentioned, meaning that any asset over $1,000 will need to be depreciated by small businesses.

HECS/HELP debt changes - the threshold to pay back the debt will be changed to $67k. The percentage to pay back will then commence at 15% over that amount and increase to 17% for taxable income over $125k. A decrease of 20% in debts will also be applied.

An announcement to increase funding to GP's through bulk billing arrangements, however I'm yet to understand if this will be sufficient.

(Image from CAANZ)