Get Accounting Done

12/05/2026

Federal Budget 2026 -2027

Capital gains tax
replace the 50 per cent Capital Gains Tax (CGT) discount with a discount based on inflation and introduce a minimum 30 per cent tax on gains from 1 July 2027.

The CGT reforms will only apply to gains arising after 1 July 2027.
Investors in new builds will be able to choose the 50 per cent CGT discount or the new arrangements.

These changes will apply to all CGT assets
(including property and shares) held by individuals,
partnerships and trusts for at least 12 months.

Negative gearing
limit negative gearing to new builds from 1 July 2027

Existing properties grandfathered
Existing arrangements will remain unchanged for all properties held before Budget night, and investors who buy new builds will still be able to deduct losses from other income.

Investors who buy established housing after Budget night will still be able to deduct losses against residential property income. They will be able to carry forward unused losses to future years but won’t be able to deduct them against other income like wages.

Discretionary trusts
introduce a minimum tax of 30 per cent on discretionary trusts from 1 July 2028 with some exceptions.

Rollover relief will be provided for three years from 1 July 2027 to assist small businesses and others that wish to restructure.

$250 Working Australians Tax Offset
All Australian workers will get $250 back as part of an “earned income offset” but won’t get the cash until next financial year.

Lowest tax bracket
Personal tax rates announced in last year’s budget will come into force with the lowest tax bracket (for those earning between $18,201 and $45,000) dropping from 16 per cent to 15 per cent, saving those earning $45,000 a year $268 in tax.

Small businesses
improving cash flow for small businesses by permanently extending the $20,000 instant asset write‑off from 1 July 2026. Small businesses with turnover up to $10 million will be able to immediately deduct eligible assets costing less than $20,000.

Medicare levy threshold
The Medicare levy threshold will also be retrospectively adjusted for the current tax year, from $27,222 to $28,011 for singles and from $45,907 to $47,238 for couples.

ELECTRIC VEHICLE OWNERS
Tax discount exempting electric vehicles from Fringe Benefits Tax will be wound back next year
From April 2027, the full discount will only apply to electric vehicles costing less than $75,000. Those above that threshold will be taxed at 75 per cent of the usual rate of FBT. From April 2029, all electric vehicles will be taxed at that 75 per cent payable FBT rate.

Winners and Losers
https://www.news.com.au/finance/economy/federal-budget/winner-and-losers-in-the-budget-revealed-for-every-australian/news-story/d8849f2d301e577402012e2930e93cc1?utm_campaign=EditorialSB&utm_source=News.com.au&utm_medium=Facebook&utm_content=SocialBakers&fbclid=IwY2xjawRv2j5leHRuA2FlbQIxMQBzcnRjBmFwcF9pZAwzNTA2ODU1MzE3MjgAAR7hlnBkUdJzV7mWUxGWjjolyag9-papr39gLUKnl5lYe3fS8T6bqTKERSp1Sw_aem_wvWBfplpQq4aKc-3Ki5Q7w

Australian Federal Budget, 2026-27

01/01/2026

Happy New Year 2026 from the team at Get Accounting Done.

Cheers to a healthy, happy, and prosperous New Year! May your financial goals be met with success and your business flourish in the New Year. Here's to a profitable 2026!

Thank you for trusting us with your numbers! We are grateful for your trust and look forward to helping you achieve new financial milestones and a successful, well-managed year ahead!

We are open during holidays. Please leave us a message or give us a call.



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15/10/2025

"Most registered tax agents have a special lodgment program and can lodge returns for their clients after the usual 31 October deadline. The due date for your tax return will depend on your personal situation as well as when you engage your tax agent.

If you're using a tax agent for the first time, or using a different tax agent, you should contact them before 31 October to be part of their lodgment program." From ATO

If you're using us for the first time, or changing from a different tax agent, please engage us and send us your documents so that you can be on our books before October 31.

The ATO has guides on what you can and cannot claim and says there is “three golden rules” to consider.

“You must have spent the money yourself and weren’t reimbursed, the expense must directly relate to earning your income and you must have a record of the purchase, usually in the form of a receipt, to prove it.”

More than two million Aussie taxpayers have just weeks to do one thing — or face a big fine.

26/03/2025

Federal Budget 2025-2026

Tax cuts and cheaper beer

In an election year, tax cuts have been announced. From 1 July 2026 the lowest tax rate will be reduced from 16% to 15% and then further reduced to 14% from 1 July 2027, saving taxpayers up to $268 in the 2026/7 year and $536 in the 2027-28 financial year.

In addition, the Medicare low-income threshold will be increased from 1 July 2024 – for singles from $26K to $27,222, and for families from $43,846 to $45,907. (This means more low-income earners, families, seniors, and pensioners won’t have to pay the levy - or will pay less.)

The other major cost of living relief is energy bill relief - $150 for households.

Support for Small businesses

The Energy Efficiency Grants for Small and Medium Sized Enterprises program is providing $56.7 million in grants of up to $25,000 to over 2,400 businesses to help fund a range of energy upgrades, like replacing inefficient systems and appliances.

Indexation on draught beer excise will be paused for 2 years from August 2025. In addition, the excise rebate for wine and beer will be increased from $350K to $400K.

The instant asset write-off has not been extended.

Tax, Superannuation and Financial Services Leader Susan Franks CA explains the tax measures in the Federal Budget and the impact on the profession.

24/01/2025

An article about salary sacrificing and tax

"Salary sacrifice is a way to minimise your tax bill.

When you salary sacrifice, you arrange with your employer to contribute an additional amount to your super out of your pre-tax pay.

By using this strategy, concessional contributions are taxed at 15 per cent which is much less than the 32.5 per cent paid by someone earning an average wage in Australia."

Small actions, especially early on, can make a meaningful difference to your final superannuation amount.

24/12/2024

The little elf has been busy in our tax department. Great job!

Merry Christmas & Happy New Year 2025 from the team at Get Accounting Done.

We will be closed from Saturday 28 December 2024 and reopen on Monday 6 January 2025. If you haven't contacted us regarding your 30 June 2024 tax return, please get in touch when we return in January.

Wishing you and your family a safe festive season filled with joy, laughter, warmth and happiness. May this holiday season bring you wonderful memories and a bright start to the New Year.

We appreciate your continued support and look forward to working with you in 2025.

Cheers to health, happiness, and prosperity in 2025!



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16/05/2024

Federal Budget 2024-25

Power bills
Proposed effective date: 1 July 2024
All households will receive a $300 a year rebate in quarterly instalments on their energy bills. Eligible small businesses will receive $325 a year.

Tax - Personal
No changes to previously legislated tax rates
Effective date: 1 July 2024
Tax rate* (%) Taxable income ($)
0 0-18,200
16 18,201-45,000
30 45,001-135,000
37 135,001-190,000
45 >190,000
*Excluding 2% Medicare Levy

In 2024-25, the effective tax-free thresholds will increase.
Individuals below age pension age - $22,575
Individuals of age pension age, eligible for Seniors and Pensioners Tax Offset (SAPTO):
Single - $35,813
Member of a couple (each) - $31,888*
Illness separated couple (each) $34,626*
*Some Medicare levy may be payable.
These thresholds include the $700 Low Income Tax Offset (LITO).

Tax – Small Business
Extending the $20,000 instant asset write-off

Proposed effective date: 1 July 2024
The Government will extend the instant asset write-off scheme by 12 months until 30 June 2025 to support small businesses with improving cashflow and encourage business investment.
Small businesses, with annual turnovers of less than $10 million, will be able to immediately deduct the full cost of eligible assets costing less than $20,000.

Here's a 5-minute read on how the 2024-25 Federal Budget proposals could affect you.

23/12/2023

Merry Christmas & Happy New Year 2024 from the team at Get Accounting Done.

Our Christmas break starts from 25 December 2023 to 5 January 2024. If you haven't contacted us regarding your 30 June 2023 tax return, please get in touch when we return in January.

Wishing you a joyful and safe holiday season full of celebrations and festivities with your family and friends. 🥳

May the coming year be full of opportunities and fruitful encounters.

We appreciate your continued support. Let's catch up next year! 🥰



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12/12/2023

Foreign investment tax changes to boost rental supply.

The changes announced by the government on Sunday, will make it harder for foreign nationals to buy existing homes, directing them instead to invest in new projects and make them available for Australians to rent affordably.

Under the adjustments to the foreign investment framework, fees for the purchases of established homes will be tripled, and increased penalties for those that leave properties vacant – doubled for all foreign-owned dwellings purchased since 9 May 2017.

At present, foreign nationals can only purchase an existing property in Australia under limited circumstances such as if they are coming her to live for work or study.

They are required to sell the property when they leave the country if they have not become a permanent resident.

Foreign investors who buy up Australian houses and leave them empty are set to be slugged with higher taxes in a major move aimed at helping more people into homes.

12/05/2023

The low and middle income tax offset (LMITO) has not been extended and many individuals will have a bigger tax bill this year.

Electric car FBT exemption: plug-in hybrid cars acquired after 1 April 2025 won’t be able to benefit from the FBT exemption.

Small business will be able to:

access the instant asset write off for assets costing less than $20,000 if they are used or installed ready for use between 1 July 2023 and 30 June 2024.

Claim an additional 20% deduction (up to a $20,000 cap) for depreciable assets that support the electrification and more efficient use of energy if they are first used or installed for use between 1 July 2023 and 30 June 2024.

Participate in a lodgement penalty amnesty program which will remit failure to lodge penalties for outstanding tax statements in the period from 1 June 2023 to 31 December 2023 that were originally due between 1 December 2019 and 29 February 2022.

However small businesses should note that temporary full expensing and the loss carry back provisions have not been extended.

Surplus generated in the Federal Budget mainly goes to reducing the deficit and supporting the most vulnerable in society.