Budget 2026-27: 50% CGT discount replaced with indexation from 1 July 2027 💰 Treasury May 2026 Budget 2026-27: 30% minimum tax on capital gains from 1 July 2027 💰 Treasury May 2026 Budget 2026-27: Negative gearing limited to new residential builds from 1 July 2027 💰 Treasury May 2026 Budget 2026-27: Negative gearing losses on established properties quarantined to residential property income only 💰 Treasury May 2026 Budget 2026-27: Existing properties held before 12 May 2026 grandfathered – negative gearing unchanged 💰 Treasury May 2026 Budget 2026-27: New build exemption preserves negative gearing for properties that add housing supply 💰 Treasury May 2026 Budget 2026-27: 30% minimum tax on discretionary trust distributions from 1 July 2028 💰 Treasury May 2026 Budget 2026-27: Bucket companies face effective tax rate of up to 63% on trust distributions 💰 Treasury May 2026 Budget 2026-27: Bucket company double taxation risk – trustee pays 30%, company taxed again on full distribution 💰 Treasury May 2026 Budget 2026-27: Corporate beneficiaries cannot claim credits for trustee-level tax paid 💰 Treasury May 2026 Budget 2026-27: Income splitting via bucket companies materially undermined by trust tax changes 💰 Treasury May 2026 Budget 2026-27: Rollover relief available from 1 July 2027 to restructure out of discretionary trusts 💰 Treasury May 2026 Budget 2026-27: $250 Working Australians Tax Offset introduced 💰 Treasury May 2026 Budget 2026-27: $1,000 instant tax deduction for work-related expenses from 2026-27 💰 Treasury May 2026 Budget 2026-27: $20,000 instant asset write-off for small business made permanent 💰 Treasury May 2026 Budget 2026-27: $745.1 million to strengthen Medicare integrity and combat fraud 💰 Treasury May 2026 Budget 2026-27: $86.3 million for Phase 2 Counter Fraud Strategy 💰 Treasury May 2026 Budget 2026-27: $17.8 million for ASIC to enhance managed investment scheme oversight 💰 Treasury May 2026 Budget 2026-27: $136.1 million to complete business registers stabilisation 💰 Treasury May 2026 Budget 2026-27: Tax rate on $18,201-$45,000 income drops to 15% from 1 July 2026 💰 Treasury May 2026 Budget 2026-27: Inflation forecast to reach 5% by mid-2026 due to global oil shock 💰 Treasury May 2026 Budget 2026-27: Australia's gross debt forecast to reach $1.05 trillion by June 2027 💰 Treasury May 2026 Budget 2026-27: Projected deficit of $31.5 billion for 2026-27 💰 Treasury May 2026 LISTO income threshold rises to $45,000 with max payment $810 from 1 July 2027 💰 Treasury May 2026 Superannuation assets exempt from CGT discount changes 💰 Treasury May 2026 Paid Parental Leave extended to 26 weeks with super contributions from 1 July 2026 💰 Treasury May 2026 Division 296: 30% tax on super earnings above $3M, 40% above $10M from 1 July 2026 📋 ATO May 2026 Payday Super: Employers must pay super within 7 days of payday from 1 July 2026 📋 ATO May 2026 Concessional super cap rises to $32,500, non-concessional to $130,000 from 1 July 2026 📋 ATO May 2026 ATO given new powers to pause tax debt recovery for victims of fraud by intermediaries 📋 ATO May 2026 ATO to recover tax debts directly from fraudulent tax intermediaries 📋 ATO May 2026 ATO garnishee powers expanded to include jointly held assets 📋 ATO May 2026 ATO: Targeted compliance on R&D Tax Incentive fraud over next two years 📋 ATO May 2026 ATO: Transfer balance cap increases to $2.1 million from 1 July 2026 📋 ATO Mar 2026 ATO: Operation Protego – former ATO employees sentenced for GST fraud 📋 ATO Feb 2026 ATO: 200+ SMSF auditor reviews completed, 41 referrals to ASIC 📋 ATO Dec 2025 ASIC receives $10.3M to enhance data supervision of managed investment schemes ⚖️ ASIC May 2026 ASIC: Private capital enforcement focus continues through 2026 ⚖️ ASIC May 2026 ASIC: Civil penalty proceedings against nearly two dozen defendants in Shield collapse ⚖️ ASIC Apr 2026 ASIC: DDO stop orders issued against private credit funds over TMD deficiencies ⚖️ ASIC Mar 2026 ASIC: Actions against 28 SMSF auditors – 22 registrations cancelled ⚖️ ASIC Mar 2026 ASIC: Urgent cyber security warning against frontier AI threats ⚖️ ASIC Feb 2026 ASIC: NSW construction director disqualified for five years ⚖️ ASIC Jan 2026 ASIC: Review commenced into advice licensees using lead generation services ⚖️ ASIC Dec 2025

Basic Terms of New Employee Form

You may have been asked by your employer to complete and submit this form to iqCron Accounting as part of your onboarding process. Please note that iqCron Accounting acts solely as your employer’s tax agent or accountant and is not responsible for your employment terms, conditions, or obligations. Your employment relationship—including all rights, duties, and responsibilities—remains exclusively between you and your employer.

 

We strongly encourage you to review and clarify any employment-related matters directly with your employer before submitting this form. iqCron Accounting does not assume any liability or responsibility for disputes, claims, or outcomes arising from your employment agreement. For any questions regarding your employment, including payroll, benefits, or workplace policies, please contact your employer directly.

 

iqCron Accounting is a boutique tax consultancy firm specializing in tax compliance and advisory services. Should you require assistance with your personal tax affairs or have queries related to this engagement, please note that an appointment may be required, and standard consultation/service fees may apply.

 

By completing this form, you facilitate a seamless onboarding process into your employer’s payroll system, ensuring accurate and timely payments. However, you are under no obligation to provide this information to us. You may choose alternative secure methods to submit your details directly to your employer or iqCron Accounting, as per your preference.

 

Upon submission of this form, you acknowledge and agree to iqCron Accounting’s applicable Terms & Conditions and Privacy Policy, which govern the handling of your personal and employment-related data.

 

You also agree and consent that this NEF is an internal or simplified version for iqCron Accounting's use only and cannot replace any relevant official forms required by law. Employees must complete the official ATO TFN declaration form to provide their TFN to their employer. If selecting a super fund, employees and employers should use the official Superannuation Standard Choice Form unless their employer has a compliant alternative. 

 

Should you have any concerns or require further clarification, please do not hesitate to reach out to your employer or our office (by appointment, if related to tax matters).

Thank you for your cooperation.

 

Best regards,
iqCron Accounting Team
M: 0422270122

E: admin@iqcron.com.au