‘Technical advice alone is no longer enough’ post-budget

On the evening of Tuesday, 12 May, Treasurer Jim Chalmers handed down one of the most significant budgets for tax and accounting professionals in recent years, with this year’s papers containing fundamental changes to the taxation of capital gains and trusts, incentives for small businesses and an overhaul of the R&D tax incentive, among other key tax changes and measures from the 2026 budget.

Treasurer Chalmers said that the reform packages for both tax and productivity within the budget were “ambitious” and will help “build a better tax system for businesses”.

“This budget includes the most significant tax reform package in more than a quarter of a century,” he said.

“This is about tax relief and tax reform to make our economy work for more Australians, businesses and future generations.”

Reflecting on the budget’s announcements, and in conversation with Accounting Times, Findex head of business performance Michelle Sinclair said that Treasurer Chalmers’ measures underscore something the firm sees every day: clients no longer need advice delivered in silos.

The decisions that individuals, households and business owners are making, she said, are increasingly interconnected – “from tax, cash flow and business performance through to investment strategy, asset protection, succession and wealth creation”.

“These areas cannot be considered in isolation; they need to be brought together to support better, more confident decision-making,” she said.

From an accounting perspective, Sinclair continued, the budget creates both opportunity and complexity.

“Measures such as the instant asset write-off, proposed changes to capital gains tax, negative gearing and trust taxation will require clients to understand not just the technical implications, but how those measures affect the decisions they are making now – whether that is investing in equipment, managing cash flow, restructuring assets, planning for growth, or preparing for succession.”

That is where accountants, business performance advisers and wealth advisers need to work closely together, she said.

“Accountants bring the tax, compliance and structural lens. Business performance advisers help translate the numbers into strategy, cash flow, performance and practical action. Wealth advisers bring the personal, investment and long-term financial planning perspective,” she said.

The implication for the accounting profession is clear: technical advice alone is no longer enough, Sinclair said.

“Clients will increasingly expect advisers to connect the dots and help them make confident, forward-looking decisions.”

“This budget gives professionals an opportunity to move beyond explaining policy changes and instead show clients how those changes affect their business, their wealth and their future choices,” she said.