Ruddicks Chartered Accountants

Last night's Federal Budget 2026-27 delivered a significant overhaul of Australia's tax system, fundamentally reshaping how middle market businesses invest, structure and grow.

Here are some of the key changes:
- 50% CGT discount abolished, replaced with an inflation-based model and a minimum 30% CGT from 1 July 2027.
- A new minimum 30% tax on discretionary trust distributions from 1 July 2028.
- Negative gearing limited to new housing from 1 July 2027, with existing properties grandfathered.
- Instant asset write-off of $20,000 for small businesses made permanent.
- FBT exemptions for EVs to be significantly phased out.

This Budget represents a clear break from past tax settings, with potentially wide-ranging implications for how businesses operate and grow and family wealth is deployed and accumulated.

While there is time before major changes come into effect, it is critical that you act soon to understand how you may need to adapt to the new systems that are impending.

As always, we are here to help wade through the detail as it evolves and to optimise your business and personal outcomes.

To see an overview or full breakdown of last night's Budget and what that means for you, visit our website below.

Federal Budget - May 2026 The Federal Treasurer, Dr Jim Chalmers, handed down the 2026–27 Federal Budget at 7:30pm (AEST) on 12 May 2026.

Happy Mother’s Day! ♥️

Today, we celebrate the Mothers and Mother figures who have helped shape us into who we are.

Today we pause to remember the courage and sacrifice of those who served and those who gave everything for our future. Their legacy lives on in the freedoms we cherish today.

At the going down of the sun, and in the morning, we will remember them.

Lest we forget.

Celebrating a fantastic evening at the CA ANZ Awards Night 🎉

Hosted by CA ANZ President Grant Ellis FCA, the event held on 26 March 2026 recognised the incredible contributions made by members to the Tasmanian community and their commitment to giving back.

The night also marked a range of achievements, including Fellowship, Meritorious Service Awards, Anniversary Milestones, CPP holders and CA Program Merit recipients.

A big congratulations to Lachlan on receiving a CA Certificate of Merit for his outstanding performance in his Risk & Audit unit and to Shiva, Jordan & Ben on received their Chartered Accountant certificates for completing their CA studies - an outstanding achievement and well deserved! 👏

This is a reminder to employers that the super payment due date for the quarter ending 31 March 2026 is approaching.

The payment must be received by the employee’s fund by 28 April 2026 to be compliant with the super guarantee rules.

It's important that you leave enough time for the super payment to reach the fund.

Please note that the new Payday Super changes will take effect from 1 July 2026. From this date, employers are required to pay superannuation at the same time as wages, replacing the current quarterly payment system.

For more information about super payment due dates see the below link:

https://www.ato.gov.au/businesses-and-organisations/super-for-employers/payday-super/about-payday-super

We would like to wish everyone a safe and happy Easter! 🐰

Our office will be closed for the Easter period from 5:30pm Thursday 2nd April and will re-open at 8am on Tuesday 7th April.

Self managed superannuation funds (SMSFs) can offer significant flexibility, allowing the members to make investments and enter arrangements that may not be available through retail or industry superannuation funds. However, being an SMSF trustee does come with important responsibilities to ensure that all dealings comply with superannuation law.

To learn more about the sole purpose test and arms-length requirements, click the link below.

Keeping Your Self-Managed Super Fund Compliant Self managed superannuation funds (SMSFs) can offer significant flexibility, allowing the members to make investments and enter arrangements that may not be available through retail or industry superannuation funds. However, being an SMSF trustee does come with important responsibilities to ensure t...

The ATO has issued a Draft Taxation Determination TD 2026/D1 which looks at how inherited family homes are treated for CGT purposes. Some industry commentators have dubbed it a “death tax by stealth”, but it is a bit more complex than this. The draft guidance focuses on a specific aspect of the rules around applying the main residence exemption to inherited properties, potentially exposing deceased estates and beneficiaries to significant tax if not planned correctly.

To learn more about what you need to know in practical terms, see the below link.

https://ruddicks.com.au/advice/ato-update-on-inherited-homes-what-it-means-for-your-familys-wealth

Running a business from home—whether as a sole trader, freelancer, or small operator—has many perks. But when it comes to selling your home and potentially saving on tax, recent guidance from the ATO serves as a reality check.

To learn more on how the ATO approaches this long-standing area of confusion, see the below link.

Navigating CGT on Your Home: New ATO Clarity for Home-Based Businesses Running a business from home—whether as a sole trader, freelancer, or small operator—has many perks. But when it comes to selling your home and potentially saving on tax, recent guidance from the ATO serves as a reality check.

Running a successful business is hard work—and sometimes, despite best intentions, tax obligations slip.

If the business is being operated through a company structure, then the ATO can potentially issue a Director Penalty Notice (DPN), holding company directors personally liable for unpaid taxes.

To learn more about DPN's and the recently announced review, click the below link.

DPN Review: A Wake-Up Call for Business Owners on Personal Tax Risks Running a successful business is hard work—and sometimes, despite best intentions, tax obligations slip. If the business is being operated through a company structure, then the ATO can potentially issue a Director Penalty Notice (DPN), holding company directors personally liable for unpaid taxes.