Show Notes
Welcome back to The Account Rant.
In this episode, John Saade sits down with Leigh Morris, founder of SFP Financial and the voice behind Financial Leigh, to break down the major tax changes from the 2026 federal budget.
They go through what was announced on budget night, what has changed since, and why so many of the new rules feel messy, confusing or half finished.
John and Leigh discuss the personal tax rate cut, the $1,000 standard work deduction, the new working Australian tax offset, capital gains tax changes, negative gearing grandfathering, SMSF borrowing restrictions, company loss carry back, the instant asset write off, and the proposed 30 percent minimum tax on discretionary trusts.
Some of the changes sound helpful on the surface.
But when you start looking closer, the picture becomes much more complicated.
A $1,000 work deduction does not mean $1,000 back in your pocket. CGT indexation may help some long term property investors, but hurt people with fast growing assets. SMSF borrowing changes may reduce investment into new residential property. And the trust tax changes could completely change how family trusts are used by small business owners and investors.
John and Leigh break down who wins, who loses, and why the tax system feels harder to plan around than ever.
This episode covers:
Personal tax rate changes The $1,000 standard work deduction Why a tax deduction is not the same as cash back The $250 working Australian tax offset Capital gains tax changes Indexation replacing the 50 percent CGT discount Who wins and loses under the new CGT rules Negative gearing grandfathering Inherited property and the “widow tax” issue Pre 1986 CGT assets Small business CGT concessions SMSF residential property borrowing restrictions Company loss carry back The $20,000 instant asset write off Discretionary trust minimum tax Family trusts and income splitting Why trusts may lose flexibility Federal budget backflips and draft legislation Leigh’s final rating of the budget
By the end, Leigh gives the budget two thumbs down, and John explains why many of these changes create more questions than answers for taxpayers, investors and small business owners.
Connect with Leigh Morris:
SFP Financial https://www.sfpfinancial.com.au/
Instagram https://www.instagram.com/financial.leigh/
LinkedIn https://www.linkedin.com/in/leighjmorris/
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This content is general information only and does not constitute financial, legal, tax, mortgage, superannuation, investment or business advice. Speak with a qualified adviser about your own circumstances.
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