The Government will introduce a minimum 30% tax on discretionary trusts. From 1 July 2028 (i.e., from the 2029 income year), trustees will pay a minimum tax of 30% on the taxable income of discretionary trusts. Beneficiaries, other than corporate beneficiaries, will receive non-refundable credits for the tax payable by the trustee. Under the minimum tax, corporate beneficiaries will be assessed based on the trust income to which they are entitled, without being able to claim

5.1 Permanent $20,000 instant asset write-off From 1 July 2026, the Government will permanently extend the $20,000 instant asset write-off for small businesses with turnover of less than $10 million. Assets valued at $20,000 or more can continue to be placed into the small business depreciation pool. The provisions that prevent small businesses from re-entering the simplified depreciation regime for five years after opting out will continue to be suspended until 30 June 2027.

7.1 Extending the ban on foreign purchases of established dwellings The Government will extend the temporary ban on foreign purchases of established residential dwellings by two years and three months until 30 June 2029. The ban was originally implemented for two years from 1 April 2025. 7.2 Protecting the tax system against fraud The Government will provide $86.3 million over four years from 1 July 2026 and $9.7 million per year ongoing from 2030-31 to deliver Phase 2 of the