by The Australian Federal Election results are in, and Australia will enter the next term with a Labor majority government, marking Prime Minister Anthony Albanese’s second term with record breaking numbers.
Labor has introduced several proposals that could significantly impact your financial planning. Here are the key highlights:
- $1,000 Instant Tax Deduction: From 1 July 2026, eligible work-related expenses up to $1,000 can be claimed without receipts
- $20,000 Small Business Instant Asset Write-Off Extension: Extended until 30 June 2026, allowing small businesses to claim immediate deductions for assets under $20,000
- Expanded ‘Help to Buy’ Scheme: Increased property price caps and income thresholds to help more home buyers with smaller deposits
- Energy Bill Relief: Additional rebates for households and small businesses from July to December 2025
- Lower Cap for PBS Medicines: Maximum cost reduced to $25 per script from January 2026
- Student Loans Cut by 20%: Effective 1 June 2025, reducing outstanding balances before annual indexation
- Reduced Student Loan Repayment Obligations: Higher income threshold for repayments from 1 July 2025
- Expanded ‘First Home Guarantee’ Program: Open to all first home buyers, allowing purchases with as little as a 5% deposit
- Higher Taxes for Super Balances Over $3 Million: Starting 1 July 2025, additional taxes on investment earnings for super balances exceeding $3 million
These proposals are still subject to legislation.
If you have any concerns about how these changes could affect your financial position and to ensure you are prepared for any potential impacts, feel free to reach out to our Financial advisers at BKM Wealth.
This information is general and does not account for your personal goals, needs, or financial situation. Before acting on it, consider whether it suits your circumstances. If it involves a specific financial product, review the relevant product disclosure statement and/or Target Market Determination before making a purchase decision.
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