Scope: Australia
Status requires verification
Strengthening tax penalty & interest provisions – mischaracterisation, undervaluation and royalty withholding rules
From **1 July 2026**, Australia will introduce enhanced penalty provisions for taxpayers with over AU$1 billion global turnover who mischaracterise or undervalue royalty payments or other payments that should be subject to **royalty withholding tax**, and extend shortfall interest charges to repayments of over-claimed offsets. These measures reinforce integrity and compliance in international payment structures. ([ato.gov.au](https://www.ato.gov.au/api/public/content/0-b9b07383-b6e5-4084-90d8-7c446d5a573e?utm_source=openai))
Editorial impact label: Medium
- Published
- Not recorded
- Policy event
- Not recorded
- Effective
- Jul 1, 2026
- Verification
- Not recorded
Open cited source
Scope: Canada
Proposed
Explanatory Notes to Legislative Proposals Relating to the Income Tax Act and Regulations – Reverse hybrid entities and hybrid mismatch rules
Introduces new statutory definitions and rules for hybrid mismatch arrangements, including defining “reverse hybrid entity,” “hybrid payer,” and prohibiting or adjusting mismatches between deduction and non-inclusion of payments. Applies to payments arising on or after **July 1, 2026**, with foreign taxation year amendments after December 31, 2025. Impacts companies with cross-border payments, especially involving foreign affiliates, partnerships, or hybrid instruments.
Editorial impact label: High
- Published
- Not recorded
- Policy event
- Not recorded
- Effective
- Jul 1, 2026
- Verification
- Not recorded
Open cited source
Scope: Canada
Proposed
New rules prescribing certain property as prohibited investments for registered plans under section 5006, and Part XI.01 special taxes
Amends Income Tax Regulations to prescribe as prohibited investment certain property under section 5006 when held in registered plans, particularly where connected-person and indebtedness relationships exist. Also establishes a 50% tax on fair market value and a 100% advantage tax on income or gains derived from prohibited investments. Applies for payments/income arising on or after **July 1, 2026**.
Editorial impact label: High
- Published
- Not recorded
- Policy event
- Not recorded
- Effective
- Jul 1, 2026
- Verification
- Not recorded
Open cited source
Scope: Australia
Proposed
Draft legislative instruments for income tax return-lodgment and child support obligations for the 2025-26 year
The ATO has released two draft Legislative Instruments: **LI 2026/D2** (Requirement to Lodge a Return for the 2026 year), and **LI 2026/D1** (Requirement for parents liable for or entitled to child support to lodge a return for the 2026 year). These propose changes to who must lodge an income tax return in Australia, including clarified obligations for parents with child support entitlements or liabilities. The consultation deadline was **13 March 2026**.
Editorial impact label: Medium
- Published
- Not recorded
- Policy event
- Not recorded
- Effective
- Jul 1, 2026
- Verification
- Not recorded
Open cited source
Scope: Australia
Proposed
Modernisation of Tax Administration Systems (MTAS) Phase 2: Mandatory beneficiary TFN reporting for closely held trusts
The ATO’s MTAS Phase 2 working group confirmed that from **1 July 2026**, proposed law reform will require **mandatory beneficiary Tax File Number (TFN) reporting** for closely held trusts, embedded within trust return lodgment. New labels will be introduced, including a closely held trust indicator and a ‘No TFN Provided’ option in the Statement of Distribution. This increases transparency, enables correct tax withholding when TFNs are missing, and tightening compliance for trusts where beneficiaries are few and identifiable.
Editorial impact label: High
- Published
- Not recorded
- Policy event
- Not recorded
- Effective
- Jul 1, 2026
- Verification
- Not recorded
Open cited source
Scope: Australia
Status requires verification
Treasury Laws Amendment (More Cost of Living Relief) Act 2025 (No. 28 of 2025)
This legislation provides further tax cuts and adjustments including lowering the 16% tax rate to 15% from 1 July 2026, and further to 14% from 1 July 2027 for income between A$18,201 and A$45,000. It also increases Medicare levy low-income thresholds, to provide relief for low- and middle-income earners under cost-of-living pressures.
Editorial impact label: High
- Published
- Not recorded
- Policy event
- Not recorded
- Effective
- Jul 1, 2026
- Verification
- Not recorded
Open cited source
Scope: Australia
Status requires verification
Superannuation transfer balance cap increased and defined benefit income cap indexed for 2026-27
From 1 July 2026, the general superannuation Transfer Balance Cap increases from A$2.0 million to A$2.1 million, and the defined benefit income cap increases from A$125,000 to A$131,250. These caps dictate how much super can be transferred into retirement phase and the income threshold for certain defined benefit pensions.
Editorial impact label: High
- Published
- Not recorded
- Policy event
- Not recorded
- Effective
- Jul 1, 2026
- Verification
- Not recorded
Open cited source
Scope: Australia
Status requires verification
Mandatory beneficiary TFN reporting for closely held trusts
The MTAS Phase 2 law reform will require trustees of closely held trusts to include the Tax File Number (TFN) of each beneficiary when lodging trust returns. It also introduces new labels in the trust return, including a closely held trust indicator and an option for "No TFN Provided" in the Statement of Distribution. These measures begin from 1 July 2026. Trustee systems will need updating to capture and report this data accurately. Beneficiaries must ensure their TFNs are valid and supplied to trustees. Implications include increased administrative burden, risk of non-compliance if TFNs not provided, and potential privacy considerations.
Editorial impact label: High
- Published
- Not recorded
- Policy event
- Not recorded
- Effective
- Jul 1, 2026
- Verification
- Not recorded
Open cited source
Scope: Australia
Status requires verification
New tax cuts for every Australian taxpayer (More Cost of Living Relief)
Under the Treasury Laws Amendment (More Cost of Living Relief) Act 2025, new individual income tax rate cuts will apply from 1 July 2026: the 16% marginal rate will be reduced to 15%. From 1 July 2027 the rate will further drop from 15% to 14%. The changes are now law and form part of cost-of-living relief and measures to counteract bracket creep. These cuts apply to resident taxpayers and affect ordinary income tax thresholds. Taxpayers should assess whether these changes affect their withholding, PAYG instalments, or estimated tax obligations.
Editorial impact label: Medium
- Published
- Not recorded
- Policy event
- Not recorded
- Effective
- Jul 1, 2026
- Verification
- Not recorded
Open cited source
Scope: Australia
Status requires verification
Extension of shortfall interest charge (SIC) to over-claimed tax offsets and enhanced tax penalty regime from 1 July 2026
From 1 July 2026, Australia will extend the shortfall interest charge to repayments of over-claimed tax offsets. Measures announced in the Future Made in Australia Act 2025 also include penalties for large taxpayers who mischaracterise or undervalue interest or dividend payments that should attract withholding tax. These changes strengthen the tax compliance landscape and increase risks for businesses and individuals involved in tax offset claims or withholding arrangements. Taxpayers must review their offset claims, ensure accurate characterisation of payments, and maintain robust documentation to avoid penalties or interest costs.
Editorial impact label: High
- Published
- Not recorded
- Policy event
- Not recorded
- Effective
- Jul 1, 2026
- Verification
- Not recorded
Open cited source
Scope: Australia
Status requires verification
Australia’s New Tax Rates: 15% for 2026-27, moving to 14% in 2027-28 under the ‘More Cost of Living Relief’ Act
Under the Treasury Laws Amendment (More Cost of Living Relief) Act 2025, Australian resident individual tax rates will be reduced: starting **1 July 2026**, the bracket over the tax-free threshold will be taxed at **15%**, and from **1 July 2027**, that rate further drops to **14%**. This law has been enacted to address cost of living pressures and forbracket creep, impacting all resident taxpayers.
Editorial impact label: High
- Published
- Not recorded
- Policy event
- Not recorded
- Effective
- Jul 1, 2026
- Verification
- Not recorded
Open cited source
Scope: United States
Status requires verification
Summer 2026 expanded features for Business Tax Account
The IRS expanded digital tools in its Business Tax Account portal: added digital notice library (e.g. CP081B, CP211A, CP134R), EIN verification notice CP575 download, and capability to submit payments for Offers in Compromise, among other improvements for eligible business entities.
Editorial impact label: Medium
- Published
- Not recorded
- Policy event
- Not recorded
- Effective
- Jul 1, 2026
- Verification
- Not recorded
Open cited source
Scope: United States
Proposed
Notice 2026-23: Public Recommendations Invited for the Fiscal Year 2026-2027 Priority Guidance Plan
Treasury & IRS invite public input on items to include in the 2026-2027 Priority Guidance Plan. The plan prioritizes upcoming guidance projects (regulations, rulings, notices) ongoing July 1, 2026 through June 30, 2027. Themes include recently enacted legislation (such as OBBB), clarity in ambiguous tax areas, reducing burden, and promoting fairness. Recommendations are due by May 29, 2026.
Editorial impact label: Low
- Published
- Not recorded
- Policy event
- Not recorded
- Effective
- Jul 1, 2026
- Verification
- Not recorded
Open cited source
Scope: Australia
Status requires verification
Small Business Superannuation Clearing House (SBSCH) to Close from 1 July 2026
The Australian Government has announced that the ATO’s Small Business Superannuation Clearing House service will be closed from 1 July 2026. Eligible small businesses (19 or fewer employees or turnover less than $10 million) will need to transition to alternative arrangements as Payday Super reforms are introduced. Impacts include changes in how super guarantee payments are lodged and paid, and adjustment of cash flow and administrative systems for small employers.
Editorial impact label: Medium
- Published
- Not recorded
- Policy event
- Not recorded
- Effective
- Jul 1, 2026
- Verification
- Not recorded
Open cited source
Scope: Australia
Status requires verification
Extension of the Tax Avoidance Taskforce
The Australian Government has extended the ATO’s Tax Avoidance Taskforce for two years from 1 July 2026, providing an additional $1.2 billion in funding to target compliance risks with multinationals, large public and private businesses, and high-wealth individuals. Implications include stronger enforcement, higher audit activity, and increased demand for documentation and transparency under international tax rules.
Editorial impact label: High
- Published
- Not recorded
- Policy event
- Not recorded
- Effective
- Jul 1, 2026
- Verification
- Not recorded
Open cited source
Scope: Australia
Status requires verification
Payday Super Reform & Retirement of SBSCH
Starting 1 July 2026, employers will be required to pay super guarantee contributions at the same time as salary and wages, with funds due to be received and accepted by super funds within 7 calendar days after payday. The Small Business Superannuation Clearing House (SBSCH) will be retired on the same date, forcing employers to transition to alternate clearing house solutions.
Editorial impact label: Medium
- Published
- Not recorded
- Policy event
- Not recorded
- Effective
- Jul 1, 2026
- Verification
- Not recorded
Open cited source
Scope: Canada
Status requires verification
Canada Groceries and Essentials Benefit: Formerly the GST Credit – Increase by 25% for five years, one-time payment for spring 2026
The Canada Groceries and Essentials Benefit (CGEB) is replacing the GST/HST credit with an increase of **25% for five years**, effective **July 2026**. There is also a one-time payment this spring equivalent to a **50% increase in the 2025-26 annual GST Credit**. This supports more than 12 million Canadians. A family of four may receive up to \$1,890 this year (about \$1,400/year thereafter); a single person up to \$950 this year (about \$700/year thereafter).
Editorial impact label: High
- Published
- Not recorded
- Policy event
- Not recorded
- Effective
- Jul 1, 2026
- Verification
- Not recorded
Open cited source
Scope: Australia
Proposed
Payday Superannuation reforms
Employers will be required, from 1 July 2026, to pay superannuation guarantee contributions at the same time as they pay salary and wages, with contributions to be received by the employee’s super fund within 7 calendar days of payday; includes obligations to report ordinary time earnings and total super liability through STP; policy not yet law but significant compliance implications.
Editorial impact label: High
- Published
- Not recorded
- Policy event
- Not recorded
- Effective
- Jul 1, 2026
- Verification
- Not recorded
Open cited source
Scope: Australia
Proposed
Payday Super reform
A proposed measure (not yet law) requiring employers to pay superannuation guarantee (SG) contributions **on the same day** that salary or wages are paid, rather than the current periodic schedule; contributions must arrive in employees’ funds within **7 calendar days**. The reform includes stronger validation (such as Member Verification Requests), improved data standards, and closure of the Small Business Superannuation Clearing House. Effective from **1 July 2026**. ([ato.gov.au](https://www.ato.gov.au/tax-and-super-professionals/for-superannuation-professionals/super-funds-newsroom/ato-corporate-plan-2025-26-key-priorities-for-super-funds?utm_source=openai))
Editorial impact label: High
- Published
- Not recorded
- Policy event
- Not recorded
- Effective
- Jul 1, 2026
- Verification
- Not recorded
Open cited source
Scope: Canada
Status requires verification
Canada Groceries and Essentials Benefit (CGEB) Increase & One-Time Top-Up
The CGEB replaces the GST/HST credit starting July 2026. Qualified individuals with low to modest incomes will see quarterly payments increase by 25 % for five years. Before that, a one-time top-up equal to 50 % of their January-2026 GST/HST payment will be issued no later than June 2026. This boosts support for over 12 million Canadians. Key implications include ensuring your 2025 tax return is filed accurately and on time to access the enhanced benefit. Also affects eligibility criteria similar to those of the previous GST/HST credit. Source legislation still subject to Royal Assent.
Editorial impact label: High
- Published
- Not recorded
- Policy event
- Not recorded
- Effective
- Jul 1, 2026
- Verification
- Not recorded
Open cited source