Income Tax Point-in-Time Service Updates

The Income Tax Point-in-Time Service has been updated to include the Treasury Laws Amendment (Tax Reform No. 2) Act 2026 (Cth) (Act No 71 of 2026), Treasury Laws Amendment (News Media Bargaining) (Consequential) Act 2026 (Cth) (Act No 79 of 2026), and the Combatting Illicit Tobacco Act 2026 (Cth) (Act No 82 of 2026).

Act 71 of 2026

The Act makes miscellaneous amendments to income tax laws including to: 

• amend the income tax law to allow corporate tax entities that are not significant global entities to carry back a tax loss in an income year and apply it against tax paid in either or both of the previous two income years to receive a tax offset;
• permanently extend the $20,000 instant asset write-off from 1 July 2026; 
• amend the Income Tax Assessment Act 1997 (Cth) to provide an income tax exemption for income derived in respect of employment with the PNG Chiefs Limited, being the new PNG based franchise.

Act 79 of 2026

The Act makes necessary changes to the Administrative Decisions (Judicial Review) Act 1977 (Cth), the Income Tax Assessment Act 1997 (Cth), and the Taxation Administration Act 1953 (Cth) to support the introduction of the News Media Incentive (NMI).

Act 82 of 2026

The Act expands law enforcement powers to investigate illicit tobacco related offending and increases the penalties and consequences for persons involved in illicit tobacco offending. The Act includes amendments to: 

• increase criminal penalties for offences in the Customs Act 1901 (Cth), the Excise Act 1901 (Cth) and the Taxation Administration Act 1953 (Cth) which relate to the importation, possession, buying, selling, supply, production and manufacture of illicit tobacco;
• insert several illicit tobacco-related offences under the definition of 'serious offence' in the Telecommunications (Interception and Access) Act 1979 (Cth); 
• introduce additional grounds for making a non-publication order under the Proceeds of Crime Act 2001 (Cth), as well as expand the types of information and documents which can be protected by such an order.

These amendments have been updated in the Point-in-Time Income Tax Service current to 8 September 2026 (NB: subscription required).

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