News in brief…14 August 2026

ATO advice and guidance; Legislation update: Bill to protect asset holders’ grandfathered discount in negative gearing, CGT reforms introduced to Senate; Senate committee publishes report on loss carry back tax offset, small business $20,000 instant asset write-off bill

ATO advice and guidance The Australian Taxation Office (ATO) has updated three practice statements that cover offsetting refunds and credits against taxation and other debts, information exchange with foreign revenue authorities, and administrative penalties for electronic sales suppression tools. Practice statement law administration - updates PS LA 2011/21 Offsetting of refunds and credits against taxation and other debts This practice statement outlines when credits and refunds will ...

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Published Date: 14 August 2026