What Should You Do Now?

The measures announced in this Budget are far-reaching, and the right response will be different for every client. Some changes take effect immediately, some from 1 July 2026, some from 1 July 2027, and others from 1 July 2028. Waiting is not a strategy the sooner you understand how these changes affect your specific situation, the more options will be available to you.

As a starting point, consider the following:

• If you own investment properties the changes to both negative gearing and the CGT rules mean your current and future investment strategy needs to be reviewed.
• If you own a business through a sole trader structure or a discretionary trust the question of whether your current structure remains appropriate is now more pressing than it has been in 25 years. The expanded rollover relief window from 1 July 2027 provides a genuine but time-limited opportunity to act.
• If you are a beneficiary or trustee of a discretionary trust the new 30% minimum tax applying from 1 July 2028 will affect the overall tax cost of distributions. Early engagement will maximise your planning options once the legislation is released.
• If your superannuation balance is approaching or exceeds $3 million the new earnings tax is now law and requires careful attention ahead of 1 July 2026.
• If you are a small business employer the move to payday super from 1 July 2026 requires action on your payroll systems before that date.
• If your company has paid tax in recent years and is experiencing or anticipating a loss the reintroduction of loss carry-back from 1 July 2026 may provide a valuable cash refund.
• If your business claims the R&D Tax Incentive the changes from 1 July 2028 warrant a review of your claim structure now.

None of these issues need to be resolved overnight, but all of them benefit from early advice. We will be reaching out to clients we believe are most directly affected but please do not wait to hear from us if you have concerns or questions.

Please contact our office to arrange a time to discuss your circumstances. We are available and ready to assist the earlier we talk, the more options we have.
t: +61 7 3177 4120
e: advisors@hksrussell.com

Posted on May 15, 2026 by Charisse Russell - Articles