Income Tax Point-in-Time Service Updates

The Income Tax Point-in-Time Service has been updated to include the Treasury Laws Amendment (Strengthening Accountability for Tax Adviser Misconduct and Other Measures) Act 2026 (Cth) (Act No 86 of 2026), Health Legislation Amendment (Improving Choice and Transparency for Private Health Consumers) Act 2026 (Cth) (Act No 90 of 2026), and Tax Agent Services Amendment (Enhancing Tax Practitioners Board Sanctions) Regulations 2026 (Cth).

Act 86 of 2026

This Act makes substantive and miscellaneous amendments to the law relating to taxation, competition and consumers. The Act includes amendments to:

• the Tax Agent Services Act 2009 (Cth) to include new and expanded regulatory penalty powers for the Tax Practitioners Board to improve protections for taxpayers against tax agent misconduct;
• strengthen the foreign resident Capital Gains Tax regime to ensure that Australia receives its fair share of tax on gains made from assets with a close connection to Australia's land and natural resources;
• the Income Tax Assessment Act 1997 to list three new deductible gift recipients, extend the listing of two deductible gift recipients, and update the name of one listing;
• rename ‘Public Ancillary Funds’ and ‘Private Ancillary Funds’ as ‘Public Giving Funds’ and ‘Private Giving Funds’ to give effect to a Productivity Commission recommendation; and
• entitle taxpayers to claim the tax credit from amounts withheld under Subdivision 14-D of the Taxation Administration Act 1953 in the same assessment for the income year that the underlying transaction is recognised for income tax purposes where the withholding has been paid to the Commissioner.

Act 90 of 2026

This Act introduces two key measures - transparency by default and regulating premiums. More specifically, the Act:

• amends the Health Insurance Act 1973 (HI Act) and Private Health Insurance Act 2007 (PHI Act) to allow the Department of Health, Disability and Ageing to publish information for consumers on medical fees charged by medical practitioners (including specialists and general practitioners) and likely out-of-pocket costs for their private healthcare experience. The purpose is to support greater transparency in healthcare pricing, helping consumers make informed decisions about their healthcare and obtain better value from private health insurance; and
• amends the PHI Act to require insurers to seek Ministerial premium approval for new products, and existing products where certain changes are proposed. The proposed premium approval process provided in the Act broadly aligns with the current process for premium changes for existing products. The purpose of these provisions is to expand and formalise Ministerial oversight of premium setting for private health insurance products.

Tax Agent Services Amendment (Enhancing Tax Practitioners Board Sanctions) Regulations 2026

These Regulations amend the Tax Agent Services Regulations 2022 (Cth) to ensure that breaches of new provisions of the Tax Agent Services Act 2009 (Cth) and the use of the Tax Practitioners Board’s powers are reflected on the Register, reflecting the publication requirements under the existing enforcement regime. The Regulations also aim to ensure that the Register continues to provide a comprehensive public resource for taxpayers who wish to locate a tax practitioner and engage their services. By requiring the Register to include information about tax practitioner misconduct members of the public are empowered to make better, more informed decisions about an entity’s suitability to provide tax agent services.

These amendments have been updated in the Point-in-Time Income Tax Service current to 15 October 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.