Slade Brockman (WA, Deputy-President) | Hansard source

As the last question was resolved in the affirmative, the consequential amendment on sheet 3882 will not be put. For clarity, as the One Nation amendments on sheet 3881 are identical to opposition amendments which were negatived, the question on the One Nation amendments will not be put. I will now deal with the amendments circulated by the government. We move to sheet AU131. The question is that the amendments on sheet AU131 be agreed to.

Government's circulated amendments to Treasury Laws Amendment (Tax Reform No. 1) Bill 2026

(1) Schedule 1, item 13, page 12 (line 6), omit "new residential dwellings etc.", substitute "new residential dwellings".

(2) Schedule 1, item 13, page 16 (line 6), omit "new residential dwellings etc.", substitute "new residential dwellings".

(3) Schedule 1, item 24, page 27 (line 12), omit "new residential dwellings etc.", substitute "new residential dwellings".

(4) Schedule 1, item 27, page 28 (lines 3 to 5), omit "a new residential dwelling, to the provision of affordable housing, or to other CGT assets of a kind determined by the Minister", substitute "a new residential dwelling or to the provision of affordable housing".

(5) Schedule 1, item 28, page 28 (line 8), omit "new residential dwellings etc.", substitute "new residential dwellings".

(6) Schedule 1, item 30, page 28 (line 26), omit "New residential dwellings etc.", substitute "New residential dwellings".

(7) Schedule 1, item 30, page 29 (lines 14 to 19), omit subsections 115-102(2) and (3), substitute:

CGT assets to which this section relates

(2) This subsection covers a *new residential dwelling.

(8) Schedule 1, item 42, page 32 (line 15), omit "new residential dwellings etc.", substitute "new residential dwellings".

(9) Schedule 1, item 42, page 32 (line 27), omit "new residential dwellings etc.", substitute "new residential dwellings".

(10) Schedule 1, item 58, page 40 (lines 24 and 25), omit "to ensure a rate of tax of 30% on those gains (before applying offsets)", substitute "to ensure, before applying offsets, a rate of tax of 30% on so much of those gains as remains after applying section 119-5".

(11) Schedule 1, item 58, page 41 (lines 12 to 15), omit subsection 119-5(1), substitute:

(1) Your minimum tax capital gain (if any) for an income year is worked out as follows:

(a) first, total the amounts of *capital gains (if any) covered by subsection (2) that are remaining after applying step 6 of the method statement in subsection 102-5(1);

(b) next, reduce the result of paragraph (a) (but not below nil) by the total amount (if any) you are entitled to deduct, for the income year, under any of the following:

(i) Division 30 (about gifts or contributions);

(ii) Division 31 (about conservation covenants).

(12) Schedule 1, item 58, page 41 (line 22), omit "new residential dwellings etc.", substitute "new residential dwellings".

(13) Schedule 1, item 58, page 42 (line 27) to page 43 (line 10), omit section 119-15, substitute:

119-15 Exception for recipients of certain payments

(1) Section 119-10 does not apply to you if you receive, at any time during the income year, a payment covered by any of subsections (2) to (5).

Social Security Act 1991 payments

(2) This subsection covers the following payments under the Social Security Act 1991:

(a) an age pension under Part 2.2 of that Act;

(b) an austudy payment under Part 2.11A of that Act;

(c) a carer payment under Part 2.5 of that Act;

(d) a disability support pension under Part 2.3 of that Act;

(e) a double orphan pension under Part 2.20 of that Act;

(f) a jobseeker payment under Part 2.12 of that Act;

(g) parenting payment under Part 2.10 of that Act;

(h) special benefit under Part 2.15 of that Act;

(i) youth allowance under Part 2.11 of that Act.

Other social support payments

(3) This subsection covers the following payments:

(a) family tax benefit under the A New Tax System (Family Assistance) Act 1999;

(b) a stillborn baby payment under the A New Tax System (Family Assistance) Act 1999;

(c) farm household allowance under Part 2 of the Farm Household Support Act 2014;

(d) parental leave pay under the Paid Parental Leave Act 2010;

(e) a payment under the scheme known as the ABSTUDY scheme that includes an amount identified as living allowance.

Veterans' Entitlements Act 1986 payments

(4) This subsection covers the following payments under the Veterans' Entitlements Act 1986:

(a) an age service pension under Division 3 of Part III of that Act;

(b) a carer service pension under former Division 6 of Part III of that Act, as saved by clause 8 of Schedule 5 to that Act;

(c) income support supplement under Part IIIA of that Act;

(d) an invalidity service pension under Division 4 of Part III of that Act;

(e) a partner service pension under Division 5 of Part III of that Act;

(f) a veteran payment under section 45SB of that Act;

(g) a pension under Part II or IV of that Act at a rate determined under or by reference to subsection 30(1) of that Act;

(h) a pension under Part II or IV of that Act at a rate determined under or by reference to paragraph 30(2)(a) or (b) of that Act;

(i) a pension under Part II or IV of that Act at a rate applicable under section 23, 24 or 25 of that Act.

Military Rehabilitation and Compensation Act 2004 payments

(5) This subsection covers the following payments under the Military Rehabilitation and Compensation Act 2004:

(a) a Special Rate Disability Pension under Part 6 of Chapter 4 of that Act;

(b) the weekly amount mentioned in paragraph 234(1)(b) of that Act, including a reduced weekly amount because of a choice under section 236 of that Act;

(c) a lump sum mentioned in subsection 236(5) of that Act.

(14) Schedule 1, page 45 (after line 25), after item 77, insert:

77A Subsection 152-10(1AA) (note)

Omit "Note", substitute "Note 1".

77B At the end of subsection 152-10(1AA)

Add:

Note 2: Disregard the $2 million threshold in paragraph (b) for working out the availability of the small business 50% reduction mentioned in Subdivision 152-C (see subsection 152-205(2)).

(15) Schedule 1, page 45 (after line 27), after item 78, insert:

78A Section 152-200

After "if the basic conditions in Subdivision 152-A are satisfied", insert "(assuming the $2 million threshold for a small business entity to be a CGT small business entity were disregarded)".

78B Section 152-205

Before "The amount", insert "(1)".

(16) Schedule 1, page 46 (after line 2), after item 79, insert:

79A At the end of section 152-205

Add:

(2) In working out for the purposes of subsection (1) whether the basic conditions in Subdivision 152-A are satisfied, disregard paragraph 152-10(1AA)(b).

(17) Schedule 1, item 82, page 47 (line 6), after "102", insert "or 152".

(18) Schedule 2, item 1, page 49 (line 18), omit ";", substitute ".".

(19) Schedule 2, item 1, page 49 (lines 19 to 21), omit paragraph 26-155(2)(d).

(20) Schedule 2, item 1, page 49 (after line 27), after subsection 26-155(3), insert:

(3A) Before determining an activity or purpose for the purposes of paragraph (2)(c), the Minister must be satisfied that determining the activity or purpose will assist in achieving one or more of the following objectives:

(a) improving availability of social or affordable housing;

(b) improving housing outcomes for one or more of the following:

(i) Aboriginal or Torres Strait Islander persons;

(ii) persons with a disability;

(iii) aged persons;

(iv) another class of persons suffering disadvantage.

(21) Schedule 2, item 1, page 49 (line 32), omit "; or", substitute ".".

(22) Schedule 2, item 1, page 49 (lines 33 and 34), omit paragraph 26-155(4)(c).

(23) Schedule 2, item 1, page 51 (line 26), omit ";", substitute ".".

(24) Schedule 2, item 1, page 51 (lines 27 and 28), omit paragraph 26-160(1)(e).

(25) Schedule 2, item 1, page 52 (line 20), omit ";", substitute ".".

(26) Schedule 2, item 1, page 52 (lines 21 and 22), omit paragraph 26-160(4)(e).

(27) Schedule 2, item 1, page 52 (after line 22), after subsection 26-160(4), insert:

(4A) Before determining requirements for the purposes of subsection (4), the Minister must be satisfied that determining the requirements will assist in achieving the objective of genuinely adding to the supply of residential dwellings in Australia.

(28) Schedule 3, item 1, page 56 (line 16), omit "(1)".

(29) Schedule 3, item 1, page 56 (lines 18 and 19), omit paragraph 61-160(1)(b), substitute:

(b) the amount that would be the amount of your basic income tax liability for the income year if your taxable income was comprised only of your net labour income worked out under subsection 61-155(2) for the income year.

(30) Schedule 3, item 1, page 56 (lines 20 and 21), omit subsection 61-160(2).

Question agreed to.

We're dealing with the amendments on sheet 3834. The question is the amendments be agreed to.

Australian Greens's circulated amendments to the Treasury Laws Amendment (Tax Reform No. 1) Bill 2026—

(1) Schedule 2, item 1, page 49 (line 13), after "12 May 2026", insert "and in respect of which you have made an election under subsection (3A)".

(2) Schedule 2, item 1, page 49 (after line 27), after subsection 26-155(3), insert:

(3A) You may make an election for the purposes of paragraph (2)(a) in respect of one, and only one, *residential dwelling.

(3B) The election must be:

(a) in the *approved form; and

(b) given to the Commissioner.

(3C) The election can only be made once and cannot be varied or revoked.