As members of the National Farmers’ Federation (NFF), the Australian Banana Growers’ Council (ABGC) highlights these important tax reform updates to ensure our members are aware of developments that may benefit their businesses. 

Tax Reform Update 

Last week, the Tax Reform No. 1 Bill 2026   passed the Senate with support from the Greens, enacting the Government’s reforms to negative gearing and capital gains tax (CGT), along with broader tax offsets and deductions for workers. The Bill will return to the Lower House, where it will be passed in its final form. with support from the Greens, enacting the Government’s reforms to negative gearing and capital gains tax (CGT), along with broader tax offsets and deductions for workers. The Bill will return to the Lower House, where it will be passed in its final form. 

Importantly, the legislation also extends the 50% active asset small business CGT concession to businesses with an aggregated turnover of less than $10 million.  As a result, this concession is expected to be accessible to approximately 99% of primary production businesses, representing a significant outcome for the sector. The NFF’s recent media release, which strongly welcomes this amendment to the original Bill as the result of strong advocacy from the NFF and members, is available here.  

In addition, the Government recently introduced the  Treasury Laws Amendment (Tax Reform No. 2) Bill 2026. This bill contains provisions to:   

• Legislate a permanent $20,000 instant asset write-off for small business entities; and 
• Reintroduce a loss carry-back tax offset.

These measures are strongly supported by the NFF. 

Looking ahead, the NFF’s next major focus in tax reform will be assessing the implications of proposed changes to the taxation of discretionary trusts. This will be a key item for discussion at our upcoming meeting. 

Further Fuel and Fertiliser Information 

Please find below several useful resources, which may assist members in monitoring input costs and market conditions: 

• FuelPlan.gov.au  was launched earlier this month, the Fuel Plan website provides a central source of information on fuel prices, trends, and policy settings. It is updated weekly and is designed to improve transparency and help businesses better understand and anticipate fuel cost movements. 
• DAFF Fertiliser Dashboard – Recently released by the Department of Agriculture, Fisheries and Forestry, this new dashboard provides up-to-date data on fertiliser prices, supply, and global market trends. It is a valuable tool for tracking changes in fertiliser supplies, supporting more informed business and policy decisions.