On Tuesday evening, the 2025-26 Federal Budget was handed down. The Government’s big moment in the 2025-26 Federal Budget was the personal income tax cuts.

Income tax cuts are a dazzling headline but in reality they deliver a tax saving of up to $268 in the 2026-27 year, with a tax saving of up to $536 from the 2027-28 year.

Two previously announced measures of note that have not passed Parliament but remain in the Budget are below. Both of these measures have stalled in Parliament and, assuming they are not approved in the final days of Parliament, will lapse when an election is called.

• Tax on super accounts above $3m (a 30% tax on future earnings for superannuation balances above $3 million); and
• The $20,000 instant asset write-off for small business for 2024-25.

Budget 2025-26 is a budget for voter appeal with over $7bn in additional spending measures in 2025-26 and over $20bn across five years. Most measures extend previously announced and budgeted items for another year.

A detailed guide of all budget announcements for your reference is available for download by clicking here.

Please feel free to give us a call on 07 3360 9600 should you wish to discuss how these changes may impact you and your business.