Australia: Financial Services

The 2026-27 Federal Budget introduced the most significant capital gains tax reforms in 25 years, replacing the 50% CGT discount with cost base indexation and a 30% minimum tax. Combined with new ASIC instruments on stamp duty and portfolio holdings disclosure, investment fund managers face coordinated disclosure, operational and structural challenges requiring substantial work over the next 12 to 18 months.

For AFS Licensing, Sophie Grace submitted a total of 74 applications to ASIC (either for new businesses looking to obtain an AFS Licence or for existing AFS holders looking to vary their licence).

It's important for all licensees to be aware of the key issues ASIC will focus on for 2026.