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In this edition of our Australian International Tax Update, we summarise recent significant Australian tax developments, examine their practical impact, and outline actions that multinational groups, foreign investors, private equity funds and international advisers should consider.

Following the release of Exposure Draft legislation on 10 April 2026, on 2 July 2026 the Government introduced the Treasury Laws Amendment (Strengthening Accountability for Tax Adviser Misconduct and Other Measures) Bill 2026 into Parliament.

On 16 June 2026, APRA released the draft CPS 510 prudential standard for comment and posed some consultation questions regarding proportionality, streamlining of fit and proper and alignment with Financial Accountability Regime (FAR), areas where additional guidance is required and estimated compliance costs.

Fuel tax credits update covering ATO scrutiny, compliance risks and rate changes.

Loss carry back Australia 2026 helps companies turn tax losses into refunds and improve cash flow.

The NSW Budget 2026 focuses on health and education spending, with slower growth forecasts, rising debt and targeted foreign investor duty relief measures.

On Tuesday 23 June 2026, Treasurer David Janetzki handed down his second state budget alongside Premier David Crisafulli. Deficits are forecast throughout the forward estimates, with a surplus of $619m projected for 2029-30.

The Government has announced revisions to several tax measures in the Budget, affecting capital gains tax treatment for small businesses, a special carve-out for start-ups, and a conditional exclusion for discretionary testamentary trusts from the 30 per cent tax on trusts.

On Wednesday 10 June 2026 Treasurer Chris Steel handed down his second budget, alongside Chief Minister Andrew Barr. The Treasurer noted a difficult economic environment due to global instability.

On 10 June 2026 the High Court found that a trust’s unpaid present entitlement (UPE) to a company is not treated as a ‘loan’, and potentially subject to tax as a deemed dividend under Division 7A.

On Thursday 4 June 2026, South Australian Treasurer Tom Koutsantonis handed down the 2026-27 state budget, with a continued focus on health and housing.

Tasmanian Treasurer Eric Abetz MP delivered the State Budget on Thursday 21 May 2026, alongside the Liberal State Government leader Premier Jeremy Rockliff.