OUR BLOG
FIRSTLY, INDIVIDUALS.
New Tax Cuts for every Australian taxpayer.
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The Government has announced it will deliver new tax cuts to every Australian taxpayer from 1 July 2026.
These tax cuts are in addition to the previous tax cuts that have been progressively implemented since 1 July 2024. The aim to provide some cost-of-living relief and return some bracket creep.
The new tax cuts are preposed to result in the following changes.
- from 1 July 2026 - the 16% rate will be reduced to 15%: and
- from July 2027 - the 15% rate will be reduced to 14%.
Also - between $18,000 and $45,000 will receive an extra tax cut of up to $268 in each of 2026-27 and 2027-28( up to just over $5 per week )
It should be noted that these tax cuts are not proposed to apply before 1 July 2026, meaning that even if ultimately enacted, their impact in alleviating pressure on taxpayers will not be apparent for more than 12 months.
SECONDLY, SMALL BUSINESSES.
The Government has reaffirmed its commitment to deliver as previously announced to temporarily extend the instant asset write of (IAWO ) of $20,000.
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