Date: 20 July 2026
Budget 2026-2027
The most recent Budget announced initiatives aimed at tax reform for workers, businesses and future generations with the Working Australians Tax Offset (WATO), $1000 instant tax deduction and the permanent introduction of the $20,000 Immediate Asset Write Off for businesses as well as bringing back the loss carry back provisions.
WATO will give every working Australian taxpayer a $250 offset on income earned from 1st July 2027.There will be an $1000 instant tax deduction for work related expenses to offset employment income. This will allow employees to reduce their income by up to $1000 without needing to provide receipts.
The Government is also 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.
From 2026–27, eligible companies that make a loss in the current income year will be able to use that loss to get a refund against tax paid in the prior two income years.
Anti Money Laundering & Counter Terrorism Financing
In 2026, new services and entities will begin coming under AUSTRAC regulation following reforms to anti-money laundering and counter-terrorism financing (AML/CTF) laws. The reformed laws also impact current reporting entities.
The Australian Government have developed a webpage to help you stay up to date on the latest information relating to the reforms. You’ll find information to help you understand upcoming changes to your obligations, new industries to be regulated and risks and indicators of suspicious activity.
Take a look at the AML/CTF Reform webpage, or keep reading to find out more.
A useful page for tranche 2 entities (businesses that will soon come under AUSTRAC regulation) is the checker tool. By answering a few questions about the services your business provides, you can check if your business may be regulated under the expanded AML/CTF regime.
Check if your business is regulated.
If your business is one of those that are required to be regulated, you can access information from the AUSTRAC Australian Government sites, which will be regularly updated with information. Some items available for further reading include:
If you require any further information on any of the information provided, please contact our Roberts + Morrow offices.
