• $1,000 Standard Deduction for Work-Related Expenses: You may have seen this reported in the media or on the ATO website. To clarify, this does not apply to your 2026 tax return. It is legislated to take effect from 1 July 2026, meaning it will be applicable for your 2027 tax return. In the meantime, your usual work-related expense claims apply and receipts should still be kept as normal.
• Super Contribution Caps for FY2026: The concessional (tax-deductible) contributions cap for the current financial year remains at $30,000. If you intend to make a personal super contribution and claim it as a deduction in your 2026 tax return, the fund must receive the contribution before 30 June, not just have it transferred. Allow 3 to 5 business days for processing. 
• Carry-Forward Super Contributions: Unused concessional contribution amounts from the 2020/21 financial year expire permanently on 30 June 2026. After this date they cannot be recovered or carried forward under any circumstances. If you have a total super balance below $500,000 and have unused cap amounts from prior years, please get in touch with us. https://www.shtax.com.au/tax-related-recommendations-and-financial-product-advice-disclosure/
• May 2026 Federal Budget Announcements: The 12 May 2026 Budget included several proposed changes that have attracted significant attention, including reforms to capital gains tax, negative gearing on established residential properties, discretionary trust taxation, and a further personal income tax rate reduction. It is important to note that none of these measures are law yet. They remain proposals only and must pass Parliament before they take effect. We are monitoring all of these closely. If any of the announced changes are relevant to your situation and you would like to talk through what they may mean for you, please get in touch with us.

Sole Traders

All above + 

• $20,000 Instant Asset Write-Off: The $20,000 threshold for small businesses has been extended up-to 30th June 2026. If your business is eligible and you are planning to purchase equipment or assets, they must be installed and ready for use before 30 June to qualify.