Farmers guide to tax rules, timelines and what remains before ParliamentOn 12 May 2026 the 2026-27 Australian Federal Budget was handed down. Instant Work-Related Deduction - taxpayers can now claim $1,000 in work-related deductions without keeping receipts. CGT Tax Changes - the flat 50pc Capital Gains Tax general discount will be replaced with indexation based on inflation, along with a 30pc minimum tax floor on net gains. Minimum Tax on Discretionary Trusts - a minimum tax of 30pc was announced but is not yet law. Please contact your tax adviser on these changes and how they affect your personal circumstances, and good luck!