GST Point-in-Time Service Updates

The GST Service has been updated to include the Treasury Laws Amendment (Tax Reform No. 1) Act 2026 (Cth) (Act No 49 of 2026), the Treasury Laws Amendment (Business Registries Stabilisation and Uplift) Act 2026 (Cth) (Act No 57 of 2026), and the Competition and Consumer Amendment (Unfair Trading Practices) Act 2026 (Cth) (Act No 64 of 2026).

Act 49 of 2026

This Act aims to provide permanent cost of living relief, encourage new housing supply and make tax time quicker and easier for individual taxpayers. The Act includes amendments to: 

• replace the 50 per cent capital gains tax (CGT) discount for individuals, trusts and partnerships with cost base indexation to ensure only real gains are subject to taxation;
• introduce a 30 per cent minimum tax on capital gains, with an exemption for certain income support recipients, to ensure gains are subject to a tax rate closer to the tax rate individuals faced during their working life and commensurate with the tax rate paid by most workers; 
• the Income Tax Assessment Act 1997 (ITAA 1997) to require that a person’s net rental losses on a residential dwelling used or held as residential accommodation are a quarantined amount;
• introduce the working Australians tax offset, a non-refundable tax offset that provides targeted tax relief to Australian resident individuals who earn labour income; and
• the ITAA 1997 to introduce a $1,000 standard deduction for work-related expenses for individuals who are Australian tax residents who derive assessable labour income, so that eligible taxpayers can rely on a simple deduction instead of claiming their work-related expenses.

Act 57 of 2026

This Act amends various Acts, including the Taxation Administration Act 1953 (Cth), to improve Australia's business registers, with three main components:

• strengthening requirements and enforcement against unlawful activities like illegal phoenixing by linking Director IDs to ASIC's Companies Register;
• ensuring ASIC can continue to effectively administer business registers, including powers to deregister companies in certain circumstances, obtain and publish alternative addresses for service, and correct register information; and
• giving effect to the Government's decision to stop the Modernising Business Registers program, undoing related legislative changes and returning administration of business registers to ASIC.

Act 64 of 2026

This Act amends the Competition and Consumer Act 2010 (Cth) in order to:

• introduce a general prohibition on conduct that unreasonably manipulates consumers or distorts the environment they make decisions in, causing detriment;
• provide protections against unfair subscription practices, including requiring businesses to improve information disclosure and simplify cancellation processes; and
• improve protections against hidden fees by requiring businesses to disclose mandatory transaction fees.

These amendments have been updated in the Point-in-Time GST Service current to 17 July 2026 (NB: subscription required).

If you are not already a subscriber to this or other Point-in-Time Services then please contact us to find out more or to take a free trial.