2026 Tax Updates & Federal Budget Changes

Key Tax Advice for Geelong Individuals & Small Businesses

As the end of the financial year approaches, now is the time to get your records organised, review your position & understand which tax updates may affect you.

For individuals, investors, employers & small business owners, tax time is not just about lodging a return. It is an opportunity to check your cash flow, superannuation, deductions, ATO obligations, asset purchases & broader financial plans before 30 June.

The 2026–27 Federal Budget has also introduced several proposed changes that may affect investors, trusts, small businesses & working Australians. Some measures are not yet in effect, & legislation still needs to be passed before certain tax changes become law. However, they are still worth understanding early, especially if you are making business, investment or property decisions.

At HJC Accountants & Financial Advisers, we help clients make sense of tax updates in practical terms. Whether you are looking for a tax accountant, need tax returns support, or want advice from a small business accountant Geelong clients can rely on, our team can help you prepare with confidence.

Key Takeaways for Tax Time 2026

Before 30 June, it’s worth reviewing:

• Your income, deductions & record keeping
• Superannuation contribution opportunities
• Business expenses, asset purchases & cash flow
• ATO debts, lodgements & payment deadlines
• Payroll processes ahead of the payday super changes
• Any proposed Budget changes that may affect future tax planning

If you’re unsure what applies to you, speak with HJC before making major tax, superannuation, business or investment decisions.

What the 2026 Federal Budget Means for Tax Planning

The 2026–27 Federal Budget included several proposed tax measures that may affect investors, business owners, trusts & working Australians.

For HJC clients, the key message is simple: tax planning should not be left until after 30 June.

The Budget flagged proposed changes to areas such as negative gearing, capital gains tax & discretionary trust distributions. These measures may affect future decisions around investment properties, asset sales, trust structures & wealth planning.

It is important to remember that announced changes are not always final. Some measures may still need to pass through Parliament before they become permanent in law. HJC will continue to monitor these updates closely & communicate relevant changes to clients as more details become available.

If you own property, operate through a trust, run a business or expect to make a capital gain, now is a good time to seek advice before making major decisions.

Small Business Tax Updates to Watch

For small business owners, one of the most relevant Budget announcements is the permanent extension of the $20,000 instant asset write-off for eligible businesses with turnover under $10 million.

This means eligible businesses may continue to deduct the cost of eligible assets immediately, even if the cost is below the threshold, rather than claim the cost over time.

For many local businesses, this could apply to equipment, tools, technology, office items or other business assets. However, timing & eligibility matter. The asset generally needs to be installed & ready for use within the relevant financial year to be eligible for a claim.

This is where working with a small business accountant is important. A tax deduction should support a genuine business need, not drive unnecessary spending. Before making a significant purchase, speak with our business accountants to assess whether it makes sense for your cash flow, tax position & future plans.

The Budget also included measures that may help some eligible companies manage losses or support early-stage business growth. These will not apply to every business, but they are worth reviewing if your business has had a difficult year, is growing quickly or operates through a company structure.

Payday Super: What Employers Need to Prepare For in 2026

From 1 July 2026, employers will be required to pay superannuation at the same time as wages are paid, rather than quarterly. This change is commonly referred to as payday super.

Although the start date is still ahead, businesses should begin preparing now. Payroll systems, cash flow planning & internal processes may need to be reviewed before the new rules apply.

Payday super will increase the frequency of super payments. For some employers, this may place additional pressure on cash flow if not properly planned.

If you employ staff, speak with HJC’s business services team early, so your payroll setup, reporting & payment processes are ready before the change takes effect.

Investment Property, CGT & Trust Changes

Proposed changes to negative gearing, capital gains tax & discretionary trust distributions may affect future property, investment & wealth planning decisions. These measures are not yet final, but investors should understand how they may affect buying, selling, holding or restructuring assets from future financial years.

For investors, this may influence future tax planning. For business owners, it may also affect succession planning, trust distributions & long-term wealth strategies.

If you need financial advice in Geelong that you can trust, or you’re comparing Geelong financial advisers, HJC can help you understand how tax, investment & financial planning decisions work together.

Investment Property, CGT & Trust Changes

Tax planning is most useful before the financial year ends. Once 30 June has passed, your options are more limited.

Before year-end, it is worth reviewing your income, deductions, superannuation, business structure, cash flow, ATO obligations & any major financial decisions that may affect your tax position.

Income & Deductions

Check whether your income has been recorded correctly & whether your deductions are properly documented. This may include work-related expenses, motor vehicle costs, home office expenses, professional fees, tools, subscriptions, insurance & investment expenses.

For business owners, it is also a good time to review outstanding invoices, unpaid expenses, stock, bad debts & asset purchases.

The Budget also introduced a proposed instant tax deduction of up to $1,000 for work-related expenses from 2026–27. This is designed to simplify deductions for many workers, but it will not replace the need for tailored advice where your circumstances are more complex.

Superannuation Contributions

Superannuation can play an important role in tax planning, but timing is critical. If you are considering personal deductible contributions, your fund must receive the contribution before the deadline, & the required notice must be completed correctly.

From the upcoming financial year, superannuation contribution caps are also set to increase. The concessional contribution cap will rise from $30,000 to $32,500, while the non-concessional contribution cap will increase from $120,000 to $130,000.

These changes may create additional opportunities for tax & retirement planning after 1 July 2026, particularly for clients making salary sacrifice contributions or personal super contributions.

Employers should also check that superannuation obligations are up to date. Late or incorrect payments can create compliance issues, so do not leave this until the last week of June.

Catch-Up Super Contributions Before 30 June

If you are looking for a legitimate way to reduce taxable income before 30 June, catch-up concessional super contributions may be worth considering.

Also known as carry-forward contributions, this strategy may allow eligible individuals to use unused concessional contribution caps from previous years. If your total super balance was under $500,000 as at 30 June last year and you have not used your full concessional caps in the past five years, you may be able to contribute more than the annual cap.

These extra contributions are generally taxed at 15% in super, rather than at your higher personal tax rate, which can result in meaningful tax savings where the strategy is suitable.

This approach can be particularly useful if you have realised a capital gain or had a higher-than-usual income year. However, eligibility, timing & contribution limits need to be checked carefully. Speak with HJC’s accounting team before making a contribution. If appropriate, they can also refer you to the HJC Financial Advice team for tailored advice.

Do not leave this too late. Mid-June is generally the cutoff for many year-end super-planning strategies.

This information is general in nature & does not take into account your personal financial situation, objectives or needs. If you would like advice tailored to your circumstances, HJC Financial Advisers can help.

ATO Debts, Lodgements & Payment Plans

From 1 July 2025, ATO interest charges are no longer deductible. This makes it even more important to manage tax debts, payment plans & lodgement deadlines carefully.

The ATO also continues to take a strict approach to Failure to Lodge on Time penalties & General Interest Charges, with remission now difficult to obtain in many cases. If you expect to be late with a lodgement or payment, it is better to act early rather than wait for the issue to escalate.

If you have overdue tax, unpaid BAS, missed lodgements or an existing payment arrangement, speak with HJC before the issue grows.

For clients whose work we prepare, please ensure all required information is provided promptly. We also ask that documents sent via FuseSign be reviewed & approved as soon as possible to avoid unnecessary delays & potential penalties.

Business Structure

As your business changes, your structure may need to be reviewed. A sole trader setup may suit one stage of business, while a company or trust may be more appropriate later.

A small business accountant in Geelong that business owners work with regularly can help assess whether your current structure still supports your tax position, risk profile & growth plans.

Getting Ready for Your 2026 Tax Return

A smooth tax return starts with good preparation.

Before your appointment, gather:

• Income statements
• Private health insurance details
• Work-related expense records
• Investment income summaries
• Rental property information
• Motor vehicle records
• Business income & expense reports
• Superannuation contribution details
• Details of asset purchases or sales
• ATO correspondence or payment plan information

If you are preparing for tax time and need tax return support in Geelong, HJC can guide you through the process with practical, accurate & timely tax assistance for individuals, investors & businesses.

For clients looking for personal tax support, HJC provides practical, accurate & timely tax assistance for individuals, investors & businesses.

Choosing the Right Support This Tax Time

Choosing the best accountant for your needs is about more than lodging a tax return.

• For individuals, the right advice may include tax, superannuation, investments & retirement planning.
• For business owners, it may include cash flow, business structure, payroll, compliance, asset purchases & future planning.

HJC combines accounting & financial planning services to provide clients with coordinated advice across different areas of their financial lives. This is especially important when tax, business, investments & personal goals overlap.

Whether you need a Geelong tax update, support from an accountant & financial planner, or guidance from experienced local advisers, our team can help you clearly understand your next steps.

Speak With HJC Before 30 June

Tax time does not need to feel overwhelming. With the right preparation, you can approach the end of the financial year with a clearer understanding of your obligations, opportunities & next steps.

HJC Accountants & Financial Advisers supports individuals, families, investors & small businesses across Geelong with practical accounting, taxation & financial planning services.

If you are looking for a tax accountant in Geelong, a small business accountant, or experienced local financial advisers, contact HJC today to book your 2026 tax appointment or speak with our team before 30 June.

Tax Time 2026 FAQs

_{This information is general in nature & does not take into account your personal financial situation, business circumstances, objectives or needs. Tax, superannuation & financial advice should be tailored to your circumstances.}