Treasury Laws Amendment (Tax Reform No. 2) Bill 2026

Amends the: Income Tax Assessment Act 1997 , Income Tax Assessment Act 1936 and Taxation Administration Act 1953 to enable corporate tax entities that are not significant global entities to carry back a tax loss in an income year and apply it against tax paid in either or both of the previous two income years to receive a tax offset; Income Tax Assessment Act 1997 and Income Tax (Transitional Provisions) Act 1997 to permanently extend the $20,000 instant asset write-off from 1 July 2026; and Income Tax Assessment Act 1997 to provide an income tax exemption for income derived in respect of employment with the PNG Chiefs Limited.

Summary from the official bill homepage.