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Capital gains tax (CGT) changes should never be a reason to throw a sound investment process in the bin.

A mediocre business does not become attractive because it pays a dividend. Nor should investors abandon companies capable of compounding capital simply because future gains may be taxed differently.

However, the announced CGT reforms could change the after-tax maths behind total shareholder returns.

Under current rules, Australian resident individuals who hold an asset for at least 12 months can generally apply a 50% discount to the taxable capital gain. If implemented as announced, the government will replace that discount from 1 July 2027 with inflation-based cost-base indexation and a minimum 30% tax rate on real gains. The new system would apply only to gains accruing after that date.

Treasury’s examples show low-return investments may pay less tax because inflation is removed from the gain. However, assets delivering strong returns above inflation can face a larger tax bill than under the current discount.

That makes it worth considering how returns are generated. Dividends remain taxable income, so they are not a free lunch. But reliable and growing distributions — particularly when supported by franking credits — may become a more valuable part of the total-return equation. The shift towards income assets is already influencing investor behaviour.

Here are three ASX dividend shares that could fit that framework.

Washington H. Soul Pattinson and Co. Ltd (ASX: SOL)

Soul Patts is not simply a high-yield stock. It is a diversified investment house designed to build wealth across market cycles.

Its portfolio spans listed companies, private businesses, emerging companies, credit, and real assets. Earlier in 2026, the company reported pre-tax net asset value of $13.8 billion, with no single asset class representing more than one-third of the portfolio.

That flexibility allows management to recycle capital into opportunities offering better risk-adjusted returns.

The dividend record is equally compelling. Soul Patts has paid a dividend every year since listing in 1903 and increased its regular dividend every year since 1998. Its latest interim dividend rose to 48 cents per share, fully franked.

For investors thinking about both capital growth and rising income, Soul Patts may be one of the ASX’s clearest all-rounders.

Transurban Group (ASX: TCL)

Transurban offers a different kind of durability.

Its toll roads are essential pieces of urban infrastructure, with revenue supported by traffic volumes and contractual toll increases. More than 90% of revenue is linked to inflation or fixed escalations, providing some protection when costs rise.

The company reported 2.6 million average daily trips in the first half of FY26, up 2.5%. Proportional revenue rose 6%, while proportional operating earnings increased 6.4%.

There are risks. Transurban carries substantial debt, making funding costs important, while toll-road regulation can create uncertainty. Even so, long-life assets, inflation-linked pricing, and growing urban congestion give it a relatively visible income base. It also adds a different income driver to a diversified dividend portfolio.

Macquarie Group Ltd (ASX: MQG)

Macquarie is often grouped with the major banks, but its earnings engine is far broader than Australian mortgages.

The group operates across asset management, commodities, infrastructure, advisory, private credit, and banking. This creates more earnings volatility than a traditional retail bank, but also reduces dependence on one economy and one lending market. It is not necessarily lower risk overall, but its risks are less concentrated in Australian housing.

Macquarie reported FY26 net profit of $4.85 billion, up 30%, and lifted its full-year dividend to $7 per share, 35% franked. The payout represented 55% of earnings, within its stated 50% to 70% policy.

An investment in Macquarie isn’t without risk. Investment banking earnings can move sharply between years. However, Macquarie’s global reach, diversified revenue streams, and conservative capital position make it an appealing dividend grower rather than a simple yield play.

Foolish takeaway

The CGT reforms should not dictate which companies investors own.

Business quality, valuation, balance-sheet strength, and future prospects still matter far more than tax settings.

However, the reforms may encourage investors to look beyond capital growth alone. Companies that can reinvest profit, grow earnings, and steadily lift dividends could offer a more balanced path to total shareholder returns.

Soul Patts, Transurban, and Macquarie each approach that task differently — through diversified capital allocation, infrastructure cash flows, and global financial expertise.

The post 3 ASX dividend shares that look better after CGT reforms appeared first on The Motley Fool Australia.

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• How I’d invest $10,000 in ASX shares for the next decade

The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Macquarie Group, Transurban Group, and Washington H. Soul Pattinson and Company Limited. The Motley Fool Australia has positions in and has recommended Transurban Group and Washington H. Soul Pattinson and Company Limited. The Motley Fool Australia has recommended Macquarie Group. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

When it comes to ASX dividend stocks, IPH Ltd (ASX: IPH) is a long-term high-yielding player.

At the time of writing, IPH shares are up around 1% and changing hands for $4.14 a piece.

The ASX dividend stock has performed well so far in 2026, climbing over 15% year to date. The share price has also rebounded an impressive 30% since hitting an all-time low of just $3.19 per share in March this year.

It hasn’t all been smooth sailing, though. The company has faced significant headwinds over the past few years, which have sent its share price crashing.

These include, underperformance by its Australia and New Zealand segments, concerns about transition to a new CEO, a declining volume of US patent filings, and currency volatility.

Since October 2022, when IPH shares spiked close to an all-time high of $9.22 a piece, they began a consistent and relentless tumble through to the end of 2025.

The most significant crash followed the company’s FY25 results in mid-August last year, when the share price fell 20% in just one day. 

So, while the year-to-date share price gains are impressive. Over the past 12 months, IPH shares are still down around 18%. 

Some investors might be put off by the falling share price and company headwinds. But I think the latest share price crash presents a rare opportunity to buy the high-yielding ASX dividend stock for cheap.

Here are three reasons why.

1. IPH has paid a reliable and consistent high-yield dividend

The ASX dividend stock has paid a regular semi-annual dividend payment to shareholders for years. IPH started paying a dividend to investors in 2016 and has gradually increased its annual payout each year since 2018.

It pays a high dividend yield, too. IPH maintains a high payout ratio of 80% to 90%. In March, the company paid its shareholders an interim dividend of 19 cents per share, 20% franked. That implies a yield of around 9.4% at the time of writing.

2. It has a defensive market position

IPH is an intellectual property (IP) services provider. Because IP protection is a legal necessity regardless of economic cycles, the company benefits from consistent cash flow and solid earnings visibility, even amid sharemarket volatility.

3. It has secured new executive leadership

Part of the headwinds facing IPH has been uncertainty about the company’s ability to transition its leadership to a new CEO. 

But in May, the company announced it had recruited for the position, and Tony O’Malley began the role as Managing Director and Chief Executive Officer earlier this month. 

He replaced Andrew Blattman, who flagged his retirement in November. Blattman will stay with the company for a transition period and continue providing support until 30 November 2026.

The update has clearly helped to ease some investor concerns and improve sentiment.

The post 1 ASX dividend stock down 18% I’d buy today! appeared first on The Motley Fool Australia.

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Motley Fool contributor Samantha Menzies has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has recommended IPH Ltd. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

CSL Ltd (ASX: CSL) shares are climbing higher into the green in Thursday lunchtime trade.

At the time of writing, the shares are up around 0.5% and changing hands for $122.29 a piece.

Today’s uptick means the ASX biotech shares have now climbed around 15% over the past month and have rebounded 33% since a 15-year low in early June.

But there is still a long way for CSL shares to go before they’ve recouped the huge amount of losses shed over the past 18 months.

The shares are still down around 29% for the year-to-date and are 51% lower than trading prices 12 months ago.

The latest rebound is certainly a step in the right direction. But the question now is, can CSL shares keep climbing higher?

Here’s what the experts expect from the biotech stock over the next 12 months.

Buy, sell or hold: Here’s what brokers tip for CSL shares

It looks like market sentiment for CSL shares has shifted recently. Previously, brokers were incredibly bullish about the ASX healthcare shares and were confident of a strong upside ahead.

But now it looks like there’s a little more caution in the market.

Market Index data shows that the majority of brokers now have a hold rating on CSL shares. The $131.48 target price implies a potential 8% upside at the time of writing.

TradingView data also shows some ratings downgrades. Out of 18 analysts, 10 now have a hold stance on the biotech company’s shares, and another eight have a hold or strong hold rating.

The average target price is a little higher at $140.15, which implies a potential 15% upside at the time of writing. But some are still bullish that CSL shares could climb 64% to $199.68 over the next 12 months.

Morgans is one of the more optimistic brokers. It has a buy rating with a price target of $147.59, implying a robust upside ahead. The broker notes that CSL’s long-term story remains intact. However, it thinks that a sustained recovery in sentiment may take several quarters to fully materialise while investors wait for clear improvement in the company’s financials.

Elsewhere, the team at Macquarie is more cautious. The broker has a lower price target of $114 and a neutral stance. It cites uncertainty across CSL’s core plasma and albumin businesses, as well as ongoing competitive pressures.

My view on CSL shares

The latest rebound shows that investors are now looking forward to the company’s FY26 results announcement and any sign that management has been able to improve operations. 

I think there is a lot of potential for the company over the next few years. After all, CSL is operating in a high-growth market, and its blood plasma division dominates the market for rare blood disorders and immunoglobulin products. 

Global demand for plasma therapies is strong and growing, too. There is recurring demand and limited competition, which makes CSL well-placed to carve out a significant portion of the market.

I think that once CSL is able to turn around its financials, investor confidence will follow.

The post Here’s what brokers tip for CSL shares over the next 12 months appeared first on The Motley Fool Australia.

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Motley Fool contributor Samantha Menzies has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended CSL and Macquarie Group. The Motley Fool Australia has recommended CSL and Macquarie Group. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.