For Small Businesses

Written By Michael Jones

✅ $20,000 Instant Asset Write-Off — Now Permanent

The $20,000 instant asset write-off for small businesses with turnover under $10 million has been made permanent from 1 July 2026. Previously renewed annually, this now gives businesses certainty for investment and equipment planning. Assets costing less than $20,000 can be immediately deducted in the year of purchase.

✅ Loss Carry Back — From 2026–27

Companies with aggregated annual turnover under $1 billion can now carry back a tax loss and offset it against tax paid in the prior two income years. This applies to revenue losses and is limited by the company's franking account balance. A meaningful cash flow tool for businesses coming off a difficult period.

✅ Loss Refundability for Start-Up Companies — From 2028–29

From 1 July 2028, start-up companies with turnover under $10 million that generate a tax loss in their first two years can apply for a refundable tax offset up to the value of FBT and withholding tax paid on employee wages. Up to 25,000 young companies per year are expected to benefit.

Michael Jones

Michael is an accomplished executive and business owner with a rich, multi-industry background spanning aged care, NDIS, oil & gas, finance, taxation & business services, retail, hospitality, arts, and education.

His extensive experience across both profit and not-for-profit sectors includes significant C-Suite roles and board positions, offering him unique insight into the operational and strategic needs of diverse organisations.

With over 30 years in corporate finance and accounting, Michael brings a comprehensive understanding of business operations from the ground up. As a Chartered Accountant, an Associate of the Tax Institute, and a registered ASIC and tax agent, his technical and professional expertise is highly respected across industries.

Michael has also lectured, presented papers at a number of conferences, facilitated corporate training & workshops, and written numerous online articles, sharing his insights and experience to support business and professional development.

https://www.linkedin.com/in/mfrjones/
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For Discretionary Trust Holders & Family Businesses