All of the latest tax news, views and clues for May 2026.
This Alert addresses:
- Will the proposed $1,000 instant tax deduction benefit you? – The Federal Government has released draft legislation for a new standard tax deduction that would allow claiming work-related expenses at tax time without receipts.
- ASIC launches new range of tools and resources for retirement planning – ASIC commissioned research that surveyed 2,065 Australians to understand retirement planning and readiness gaps, and has developed new resources in response to the results.
- Young adult workers win equal pay rights – The Fair Work Commission has delivered a landmark decision that will significantly impact junior wage rates across three major industries, with changes set to begin in December 2026.
- Payday super changeover requires careful cash flow planning – The transition to payday super is just months away, and employers need to prepare for a complex changeover period that could significantly impact cash flow during July 2026.
Important: This is not advice. Clients should not act solely on the basis of the material contained in this Tax Alert. Items herein are general comments only and do not constitute or convey advice per se. Also changes in legislation may occur quickly. We therefore recommend that our formal advice be sought before acting in any of the areas. The Tax Alert is issued as a helpful guide to clients and for their private information. Articles in the Tax Alert are not to be republished or reproduced for further distribution without requesting permission from HLB Mann Judd. Therefore it should be regarded as confidential and not be made available to any person without our prior approval.