Treasury Laws Amendment (Strengthening Financial Systems and Other Measures) Act 2025
The Act received Royal assent on 4 December 2025 and is now law. It extends the $20,000 instant asset write-off for eligible small businesses with turnover under $10 million by 12 months to 30 June 2026. The extension applies to assets first used or installed ready for use between 1 July 2025 and 30 June 2026.
The Act also allows a deduction for reverse-charged GST where the GST paid exceeds available input tax credits, provided the general deduction rules are met. This applies from income years starting on or after 1 July 2023.
Combatting Antisemitism, Hate and Extremism (Firearms and Customs Laws) Bill 2026
This Bill proposes changes to the tax law to include the national firearms program within the definition of firearms surrender arrangements.
Under the proposed changes, compensation received under the national gun buyback scheme will be treated as non-assessable, non-exempt income. Any capital gain made from this compensation will be disregarded, and no assessable income will arise where compensation exceeds the adjustable value of a surrendered firearm.