On 19 August 2026, the Australian Senate approved the Treasury Laws Amendment (Tax Reform No. 2) Bill 2026, following its approval by the House of Representatives on 18 August. The key measure for corporate tax entities is the introduction of a new loss carry back tax offset. This allows entities that are not significant global entities (meaning their annual global turnover is less than AUD 1 billion) to carry back a tax loss in a given income year and apply it against tax paid in either or …