Recently announced tax measures now law

$20,000 instant asset write-off made permanent

From 1 July 2026, the $20,000 instant asset write-off has been made permanent for small businesses.

Businesses with an aggregated turnover of less than $10 million may be able to claim an immediate deduction for the business portion of an eligible depreciating asset costing less than $20,000 in the year the asset is first used or installed ready for use.

Loss carry back is now law

The re-introduced ‘loss carry back’ measure has also now become law, applying to income years starting on or after 1 July 2026.

Where eligible, companies will broadly be able to carry back a tax loss (revenue in nature) and apply it against tax paid in either, or both, of the previous two income years, basically giving rise to a tax refund for the loss year.