TaxBright Accountants Pty Ltd

Hold off before you lodge your tax return this year! ⏸️
The ATO has reminded taxpayers to slow down at the start of tax time — and the numbers show why it matters:
🔴 Taxpayers who lodged before pre-fill were more than twice as likely to need amendments
🔴 Over 140,000 returns were corrected for income discrepancies
🔴 More than 595,000 returns were adjusted for missing income or overstated deductions
Rushing to lodge on 1 July might feel productive, but it often leads to delays, errors, and follow-up from the ATO. Getting a faster refund isn't guaranteed — in fact, early lodgment can slow things down.
So when's the right time to lodge?
Wait until late July. By then, most of your pre-fill information will be ready — wages, bank interest, government payments and private health insurance details — making the whole process smoother and more accurate.
In the meantime, it's worth checking your personal details and bank information are up to date, and having a look at the ATO occupation guides to see what deductions you may be eligible to claim.
A little patience now can save a lot of hassle later. 🗓️

🇦🇺 Federal Budget 2026–27: Key Tax Measures Summary

📌 CGT changes
From 1 July 2027, the 50% CGT discount will be replaced by cost base indexation for assets held for more than 12 months, with a 30% minimum tax on net capital gains.

📌 Negative gearing for residential property
From 1 July 2027, losses from established residential properties will only be deductible against rental income or capital gains from residential properties. Excess losses can be carried forward.

📌 Discretionary trusts
From 1 July 2028, trustees will pay a minimum tax of 30% on the taxable income of discretionary trusts, with some exclusions.

📌 Individuals
Measures include a $250 Working Australians Tax Offset from the 2028 income year and a standard deduction of up to $1,000 for work-related expenses from the 2027 income year.

📌 Personal tax rates
The current 16% tax rate will reduce to 15% from 1 July 2026 and to 14% from 1 July 2027.

📌 Medicare levy thresholds
The Medicare levy low-income thresholds will increase from 1 July 2025.

📌 Small business
From 1 July 2026, the $20,000 instant asset write-off will be permanently extended for small businesses with turnover of less than $10 million.

📌 Companies
For tax years starting on or after 1 July 2026, companies with aggregated annual global turnover of less than $1 billion will be able to carry back a tax loss and offset it against tax paid up to two years earlier.

📌 Electric cars and FBT
From 1 April 2029, a permanent 25% discount on FBT will be available for eligible electric cars valued up to and including the fuel-efficient luxury car tax threshold.

Ever heard the phrase: 'My friend got a massive refund or doesn’t pay any tax at all!'? 🤔 As tax agents, we know every situation is unique, and what works for one person/business might not work (or even be safe!) for another. Just like jumping into water that looks 'not deep at all'—it’s all about perspective! 🌊🦒

Meet our tax agents, always ready to assist you with preparation and lodgment of your tax return. Know your tax return deadlines and plan ahead!

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