Prime Minister Anthony Albanese has unveiled significant enhancements to capital gains tax (CGT) exemptions for Australia's 2.7 million small businesses, alongside targeted carve-outs for startups and testamentary trusts from the government's contentious tax reforms.
Small Business CGT Changes
The announcement on Thursday follows weeks of sustained criticism from industry groups, who have labeled the shift from a flat 50% CGT discount to an inflation-indexed model as a "tax on growth." Treasurer Jim Chalmers confirmed the CGT exemption for small businesses would be "substantially broader and significantly more generous," with the turnover threshold raised to $10 million.
Other Top News
- New phone evidence halts inquest into Melbourne influencer's death following freebirth.
- Sydney mother shares anguish after children in pram hit and killed by car: "I wish it hit me."
- One Nation senator Malcolm Roberts says he will push for party to adopt blanket abortion ban.
- E-bike thefts soar in NSW as Victoria's crime rate drops for first time in four years.
- Political lobbyists with unfettered access to Australia's parliament to be publicly named.
- Qantas delays non-stop flights from Sydney to London – again.
World Cup 2026 Update
The first round of fixtures is complete: England beat Croatia 4-2, Ghana defeated Panama 1-0, and Uzbekistan lost to Colombia 1-3. Lionel Messi and Kylian Mbappé are vying not only for the World Cup but also to become the tournament's all-time top scorer. Socceroos striker Mo Touré's parents shared their struggle to escape war in Liberia, telling Jack Snape: "It was life or death."
In Pictures: Ancient Oak Dies
The Major oak, one of Europe's oldest and largest ancient trees in Sherwood Forest, has died after at least 1,000 years. It failed to produce leaves this year following several hot, dry summers. Outdoor educator Robert Brackley said: "The stories it has given us is the legacy. It's the most famous tree in the world. The legend always lives on."
What They Said
Donald Trump claimed if he hadn't signed the peace deal with Iran, "the strait [of Hormuz] would never have been opened," warning of a "worldwide depression."
Full Story: Broken Trust
Nour Haydar and Queensland correspondent Ben Smee discuss how the violent death of Mason Jet Lee reveals a broken system where police fail to protect children from domestic violence.
Before Bed Read
Aftab Malik, Australia's special envoy to combat Islamophobia, says more books may help reframe the debate on Islam after Pauline Hanson quoted Ed Husain's memoir The Islamist. Malik commented: "As a Muslim, it is encouraging to hear Pauline Hanson quote from a book. If there's one thing we need, it's more reading."
Daily Word Game
Today's starter word is: ROB. You have five goes to get the longest word including the starter word. Play Wordiply.
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