{"id":240667,"date":"2021-01-07T11:20:59","date_gmt":"2021-01-06T23:20:59","guid":{"rendered":"https:\/\/www.reckon.com\/au\/?page_id=240667"},"modified":"2026-05-14T13:03:10","modified_gmt":"2026-05-14T01:03:10","slug":"federal-budget","status":"publish","type":"page","link":"https:\/\/www.reckon.com\/au\/small-business-resources\/federal-budget\/","title":{"rendered":"Federal Budget"},"content":{"rendered":"

[et_pb_section fb_built=”1″ custom_padding_last_edited=”on|desktop” admin_label=”HEADER” module_id=”header-plain” _builder_version=”4.16″ background_enable_color=”off” background_enable_image=”off” custom_padding_tablet=”50px|0|50px|0″ custom_padding_phone=”” da_disable_devices=”off|off|off” transparent_background=”off” padding_mobile=”off” make_fullwidth=”off” use_custom_width=”off” width_unit=”on” global_colors_info=”{}” da_is_popup=”off” da_exit_intent=”off” da_has_close=”on” da_alt_close=”off” da_dark_close=”off” da_not_modal=”on” da_is_singular=”off” da_with_loader=”off” da_has_shadow=”on”][et_pb_row admin_label=”row” _builder_version=”4.16″ make_fullwidth=”off” use_custom_width=”off” width_unit=”on” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.16″ custom_padding=”|||” global_colors_info=”{}” custom_padding__hover=”|||”][et_pb_text admin_label=”Text” _builder_version=”4.25.0″ use_border_color=”off” border_color=”#ffffff” border_style=”solid” global_colors_info=”{}”]<\/p>\n

2026 Federal Budget Update<\/h1>\n

Understand the key takeaways from the May 2026 Federal Budget and how it will affect your business.<\/p>\n

[\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section fb_built=”1″ custom_padding_last_edited=”on|phone” module_id=”features” _builder_version=”4.16″ background_color=”#EEF0F0″ custom_padding=”100px||50px||false|false” custom_padding_tablet=”70px||0px||false|false” custom_padding_phone=”30px||0px||false|false” da_disable_devices=”off|off|off” global_colors_info=”{}” da_is_popup=”off” da_exit_intent=”off” da_has_close=”on” da_alt_close=”off” da_dark_close=”off” da_not_modal=”on” da_is_singular=”off” da_with_loader=”off” da_has_shadow=”on”][et_pb_row column_structure=”1_2,1_2″ make_equal=”on” _builder_version=”4.16″ _module_preset=”default” global_colors_info=”{}”][et_pb_column type=”1_2″ _builder_version=”4.16″ _module_preset=”default” global_colors_info=”{}”][et_pb_text _builder_version=”4.27.6″ _module_preset=”default” hover_enabled=”0″ global_colors_info=”{}” sticky_enabled=”0″]<\/p>\n

What is the budget?<\/h2>\n

The Australian Federal Budget is prepared by the Treasurer and presented to Parliament. The budget outlines the proposed revenue and spending of the Australian Government for the upcoming financial year. The Federal Budget is also a political statement of the government\u2019s intentions and priorities for the upcoming financial year and beyond.<\/p>\n

The majority of government revenue comes from income & company tax, sales tax (GST), and interest and dividends. The government needs this revenue to pay for the public goods and services it provides, including education, health, defence, infrastructure, welfare, and much more.<\/p>\n

[\/et_pb_text][\/et_pb_column][et_pb_column type=”1_2″ _builder_version=”4.16″ _module_preset=”default” global_colors_info=”{}”][et_pb_image src=”https:\/\/www.reckon.com\/au\/wp-content\/uploads\/2021\/01\/EOFY-federal-budget.png” title_text=”EOFY Federal Budget” _builder_version=”4.16″ _module_preset=”default” global_colors_info=”{}”][\/et_pb_image][\/et_pb_column][\/et_pb_row][et_pb_row disabled_on=”on|on|on” _builder_version=”4.16″ disabled=”on” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.16″ global_colors_info=”{}”][et_pb_text _builder_version=”4.16″ _module_preset=”default” global_colors_info=”{}”]<\/p>\n

The small business budget wish list<\/h2>\n

[\/et_pb_text][\/et_pb_column][\/et_pb_row][et_pb_row column_structure=”1_3,1_3,1_3″ make_equal=”on” disabled_on=”on|on|on” module_class=”blurb-icon-link” _builder_version=”4.16″ _module_preset=”default” disabled=”on” global_colors_info=”{}”][et_pb_column type=”1_3″ _builder_version=”4.16″ _module_preset=”default” global_colors_info=”{}”][et_pb_number_counter title=”Cost of living help” number=”78%” _builder_version=”4.25.0″ _module_preset=”default” number_font=”|700|||||||” number_text_color=”#df322a” global_colors_info=”{}”][\/et_pb_number_counter][\/et_pb_column][et_pb_column type=”1_3″ _builder_version=”4.16″ _module_preset=”default” global_colors_info=”{}”][et_pb_number_counter title=”Inflation reduction” number=”64%” _builder_version=”4.25.0″ _module_preset=”default” number_font=”|700|||||||” number_text_color=”#df322a” global_colors_info=”{}”][\/et_pb_number_counter][\/et_pb_column][et_pb_column type=”1_3″ _builder_version=”4.16″ _module_preset=”default” global_colors_info=”{}”][et_pb_number_counter title=”Instant asset write-off extension” number=”51%” _builder_version=”4.25.0″ _module_preset=”default” number_font=”|700|||||||” number_text_color=”#df322a” global_colors_info=”{}”][\/et_pb_number_counter][\/et_pb_column][\/et_pb_row][et_pb_row column_structure=”1_3,1_3,1_3″ make_equal=”on” disabled_on=”on|on|on” module_class=”blurb-icon-link” _builder_version=”4.16″ _module_preset=”default” disabled=”on” global_colors_info=”{}”][et_pb_column type=”1_3″ _builder_version=”4.16″ _module_preset=”default” global_colors_info=”{}”][et_pb_number_counter title=”Housing affordability” number=”49%” _builder_version=”4.25.0″ _module_preset=”default” number_font=”|700|||||||” number_text_color=”#df322a” global_colors_info=”{}”][\/et_pb_number_counter][\/et_pb_column][et_pb_column type=”1_3″ _builder_version=”4.16″ _module_preset=”default” global_colors_info=”{}”][et_pb_number_counter title=”Utility affordability” number=”47%” _builder_version=”4.25.0″ _module_preset=”default” number_font=”|700|||||||” number_text_color=”#df322a” global_colors_info=”{}”][\/et_pb_number_counter][\/et_pb_column][et_pb_column type=”1_3″ _builder_version=”4.16″ _module_preset=”default” global_colors_info=”{}”][et_pb_number_counter title=”Personal income tax cuts” number=”70%” _builder_version=”4.25.0″ _module_preset=”default” number_font=”|700|||||||” number_text_color=”#df322a” global_colors_info=”{}”][\/et_pb_number_counter][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section fb_built=”1″ _builder_version=”4.16″ _module_preset=”default” da_disable_devices=”off|off|off” global_colors_info=”{}” da_is_popup=”off” da_exit_intent=”off” da_has_close=”on” da_alt_close=”off” da_dark_close=”off” da_not_modal=”on” da_is_singular=”off” da_with_loader=”off” da_has_shadow=”on”][et_pb_row custom_padding_last_edited=”on|desktop” _builder_version=”4.16″ custom_padding=”||||false|false” custom_padding_tablet=”||0px||false|false” custom_padding_phone=”||||false|false” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.16″ global_colors_info=”{}”][et_pb_text _builder_version=”4.26.1″ _module_preset=”default” hover_enabled=”0″ global_colors_info=”{}” sticky_enabled=”0″]<\/p>\n

What did the May 2026 budget deliver?<\/h2>\n

The 2026-2027 federal budget is largely focused on responding to the oil crisis in the Middle East, providing support to Aussie workers and businesses, and undertaking major tax reform. There are some significant changes affecting Aussie small businesses, some good and some requiring operational adjustments. Here are the key takeaways from the latest Budget announcement that may affect you and your business.<\/p>\n

[\/et_pb_text][\/et_pb_column][\/et_pb_row][et_pb_row column_structure=”1_2,1_2″ make_equal=”on” admin_label=”Row” module_class=”blurb-icon-link” _builder_version=”4.16″ _module_preset=”default” global_colors_info=”{}”][et_pb_column type=”1_2″ _builder_version=”4.16″ _module_preset=”default” global_colors_info=”{}”][et_pb_blurb title=”Instant asset write-off made permanent” image=”https:\/\/www.reckon.com\/au\/wp-content\/uploads\/2020\/03\/check-circle.svg” icon_placement=”left” _builder_version=”4.27.6″ _module_preset=”default” header_font=”|700|||||||” custom_padding=”0px|||||” global_colors_info=”{}”]<\/p>\n

The $20,000 instant asset write-off claim deduction is now permanent, going forward from 1 July 2026. This is an immediate relief for small businesses with a turnover of up to $10 million.<\/p>\n

[\/et_pb_blurb][et_pb_blurb title=”$1 billion interest-free loans ” image=”https:\/\/www.reckon.com\/au\/wp-content\/uploads\/2020\/03\/check-circle.svg” icon_placement=”left” _builder_version=”4.27.6″ _module_preset=”default” header_font=”|700|||||||” global_colors_info=”{}”]<\/p>\n

Due to the ongoing fuel crisis, the government is introducing $1 billion in interest-free loans to manufacturing and logistics businesses affected by rising costs. This can be accessed through the National Reconstruction Fund\u2019s Economic Relief Program.<\/p>\n

[\/et_pb_blurb][\/et_pb_column][et_pb_column type=”1_2″ _builder_version=”4.16″ _module_preset=”default” global_colors_info=”{}”][et_pb_blurb title=”Loss carry back scheme reintroduced” image=”https:\/\/www.reckon.com\/au\/wp-content\/uploads\/2020\/03\/check-circle.svg” icon_placement=”left” _builder_version=”4.27.6″ _module_preset=”default” header_font=”|700|||||||” global_colors_info=”{}”]<\/p>\n

From 2026-2027, eligible companies that make a loss in the current year can claim a refund on tax paid in the previous two financial years. This will provide much-needed relief to the cash flow of up to 85,000 businesses, predominantly small businesses.<\/p>\n

[\/et_pb_blurb][et_pb_blurb title=”Loss refundability for start-ups” image=”https:\/\/www.reckon.com\/au\/wp-content\/uploads\/2020\/03\/check-circle.svg” icon_placement=”left” _builder_version=”4.27.6″ _module_preset=”default” header_font=”|700|||||||” global_colors_info=”{}”]<\/p>\n

For the years 2028-2029, small businesses and start-ups with an aggregate turnover of less than 10 million will be able to claim a refund of tax losses in their first 2 years of operation. This is up to the amount of fringe benefit tax payments and PAYG withholding made in the years of losses. The scheme will benefit up to 25,000 businesses.<\/p>\n

[\/et_pb_blurb][\/et_pb_column][\/et_pb_row][et_pb_row _builder_version=”4.16″ _module_preset=”default” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.16″ _module_preset=”default” global_colors_info=”{}”][et_pb_text _builder_version=”4.27.6″ _module_preset=”default” global_colors_info=”{}”]<\/p>\n

Worker Relief<\/h2>\n

[\/et_pb_text][\/et_pb_column][\/et_pb_row][et_pb_row column_structure=”1_3,1_3,1_3″ _builder_version=”4.27.6″ _module_preset=”default” global_colors_info=”{}”][et_pb_column type=”1_3″ _builder_version=”4.27.6″ _module_preset=”default” global_colors_info=”{}”][et_pb_blurb title=”$1,000 instant tax deduction” alt=”Podium” admin_label=”$1,000 instant tax deduction” _builder_version=”4.27.6″ _module_preset=”default” header_text_align=”center” background_color=”#FFFFFF” custom_margin=”|||20px|false|false” custom_padding=”58px|40px|58px|40px|true|true” border_radii=”on|20px|20px|20px|20px” border_color_all=”#FFFFFF” box_shadow_style=”preset2″ locked=”off” global_colors_info=”{}”]<\/p>\n

Workers will be able to claim the $1000 deduction on their tax return without receipts from 2026-2027<\/span><\/p>\n

[\/et_pb_blurb][\/et_pb_column][et_pb_column type=”1_3″ _builder_version=”4.27.6″ _module_preset=”default” global_colors_info=”{}”][et_pb_blurb title=”Income tax cuts” alt=”Podium” admin_label=”Income tax cuts” _builder_version=”4.27.6″ _module_preset=”default” header_text_align=”center” background_color=”#FFFFFF” custom_margin=”|||20px|false|false” custom_padding=”45px|40px|45px|40px|true|true” border_radii=”on|20px|20px|20px|20px” border_color_all=”#FFFFFF” box_shadow_style=”preset2″ locked=”off” global_colors_info=”{}”]<\/p>\n

The lowest marginal tax bracket will reduce from 16% to 15% from 1 July 2026. In July 2027, the bracket will be lowered again from 15% to 14%<\/p>\n

[\/et_pb_blurb][\/et_pb_column][et_pb_column type=”1_3″ _builder_version=”4.27.6″ _module_preset=”default” global_colors_info=”{}”][et_pb_blurb title=”$250 Working Australians Tax Offset” alt=”Podium” admin_label=”$250 Working Australians Tax Offset” _builder_version=”4.27.6″ _module_preset=”default” header_text_align=”center” background_color=”#FFFFFF” custom_margin=”|||20px|false|false” custom_padding=”40px|40px|40px|40px|true|true” border_radii=”on|20px|20px|20px|20px” border_color_all=”#FFFFFF” box_shadow_style=”preset2″ locked=”off” global_colors_info=”{}”]<\/p>\n

Working Australians Tax Offset (WATO) will be a permanent $250 offset for workers starting in the 2027-2028 FY<\/span><\/p>\n

[\/et_pb_blurb][\/et_pb_column][\/et_pb_row][et_pb_row _builder_version=”4.16″ _module_preset=”default” collapsed=”off” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.16″ _module_preset=”default” global_colors_info=”{}”][et_pb_text _builder_version=”4.27.6″ _module_preset=”default” global_colors_info=”{}”]<\/p>\n

Tax Reform<\/h2>\n

[\/et_pb_text][\/et_pb_column][\/et_pb_row][et_pb_row make_equal=”on” module_class=”blurb-icon-link” _builder_version=”4.27.6″ _module_preset=”default” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.27.6″ _module_preset=”default” global_colors_info=”{}”][et_pb_blurb title=”Negative Gearing Reform” use_icon=”on” font_icon=”||fa||900″ icon_placement=”left” _builder_version=”4.27.6″ _module_preset=”default” header_font=”|700|||||||” custom_padding=”0px|||||” global_colors_info=”{}”]<\/p>\n

Negative gearing has been scaled back and will only apply to new builds from 1 July 2027. However, properties held before budget night (12 May, 7.30 pm) are unaffected and can still be negatively geared. Existing properties purchased after budget night can negative gear until 30 June 2027. From 1 July 2027, existing properties purchased may be able to deduct losses, but not against wage\/salary income.<\/p>\n

[\/et_pb_blurb][et_pb_blurb title=”Capital Gains Tax Reform” use_icon=”on” font_icon=”||divi||400″ icon_placement=”left” _builder_version=”4.27.6″ _module_preset=”default” header_font=”|700|||||||” global_colors_info=”{}”]<\/p>\n

The 50% CGT discount has been replaced by an indexed inflation-based discount, with a minimum 30% tax on capital gains from 1 July 2027. This applies to most assets. Assets purchased before budget night will retain the 50% discount only on gains realised up to 30 June 2027; any gains thereafter will be subject to the new scheme. New Builds will be able to choose between both CGT treatments to spur investment.<\/p>\n

[\/et_pb_blurb][et_pb_blurb title=”Discretionary Trust Tax Reform” use_icon=”on” font_icon=”||fa||900″ icon_placement=”left” _builder_version=”4.27.6″ _module_preset=”default” header_font=”|700|||||||” global_colors_info=”{}”]<\/p>\n

Discretionary trusts will be subject to a minimum 30% tax on all income from 1 July 2028. Roll-over relief will be available for three years from 2027 to help with restructuring. Many small businesses, however, should be unaffected \u2013 up to 90% \u2013 and farming will be exempt.<\/p>\n

[\/et_pb_blurb][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section fb_built=”1″ admin_label=”Trending on Reckon” _builder_version=”4.27.4″ _module_preset=”default” custom_padding=”20px||20px||true|false” da_disable_devices=”off|off|off” locked=”off” global_colors_info=”{}” da_is_popup=”off” da_exit_intent=”off” da_has_close=”on” da_alt_close=”off” da_dark_close=”off” da_not_modal=”on” da_is_singular=”off” da_with_loader=”off” da_has_shadow=”on”][et_pb_row module_class=”articles” _builder_version=”4.27.4″ _module_preset=”default” width=”100%” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.25.2″ _module_preset=”default” global_colors_info=”{}”][et_pb_text _builder_version=”4.27.6″ _module_preset=”default” global_colors_info=”{}”]<\/p>\n

Trending on Reckon<\/h3>\n

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[\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section]<\/p>\n","protected":false},"excerpt":{"rendered":"

2026 Federal Budget Update Understand the key takeaways from the May 2026 Federal Budget and how it will affect your business.What is the budget? The Australian Federal Budget is prepared by the Treasurer and presented to Parliament. The budget outlines the proposed revenue and spending of the Australian Government for the upcoming financial year. The […]<\/p>\n","protected":false},"author":4,"featured_media":0,"parent":539,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"_et_pb_use_builder":"on","_et_pb_old_content":"","_et_gb_content_width":"","inline_featured_image":false,"_lmt_disableupdate":"no","_lmt_disable":"","footnotes":""},"difl_page_category":[],"class_list":["post-240667","page","type-page","status-publish","hentry"],"yoast_head":"\nThe Federal Budget Update | Small Business | Reckon AU<\/title>\n<meta name=\"description\" content=\"How will this years budget affect small business? 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