Sue Lines (President) | Link to this | Hansard source

Pursuant to the order agreed on 23 June 2026, the time allotted for consideration of eight bills has expired. I'll now put the questions on the remaining stages of the bills. I will first deal with the Treasury Laws Amendment (Delivering an Efficient and Trusted Tax System) Bill 2026. I'll begin with the second reading amendment moved by Senator Hanson-Young. The question is that the amendment on sheet 3765 be agreed to.

Sue Lines (President) | Link to this | Hansard source

I will now deal with the Committee of the Whole amendments, starting with amendments circulated by the opposition. The question is that the amendments on sheet 3909 be agreed to.

Opposition's circulated amendments

(1) Clause 2, page 2 (at the end of the table), add:

(2) Page 29 (after line 27), at the end of the Bill, add:

Schedule 7 — Retaining concessions for certain transfers

Part 1 — Retaining CGT concessions for certain transfers

Income Tax Assessment Act 1997

1 After Division 128

Insert:

Division 129 — Retaining CGT concessions in relation to CGT assets that are inherited or acquired because of relationship breakdown etc.

Guide to Division 129

129-1 What this Division is about

This Division ensures that certain CGT concessions remain available where a CGT asset is inherited or acquired because of a relationship breakdown etc.

Table of sections

Operative provisions

129-5 Retaining CGT concessions in relation to CGT assets that are inherited or acquired because of relationship breakdown etc.

Operative provisions

129-5 Retaining CGT concessions in relation to CGT assets that are inherited or acquired because of relationship breakdown etc.

(1) This section applies in relation to a *CGT asset if:

(a) you acquire an ownership interest in the CGT asset:

(i) by inheriting the CGT asset; or

(ii) because of something mentioned in subsection 126-5(1) (court orders under the Family Law Act 1975 etc.); and

(b) you would have been entitled to a concession in respect of a *capital gain (including a concession to reduce or disregard a capital gain) under this Part or Part 3-1 if the amendments made by the Treasury Laws Amendment (Tax Reform No. 1) Act 2026 had not been made.

(2) If you make a *capital gain from a *CGT event happening in relation to the *CGT asset, you can choose to apply a concession in respect of the gain that you would have been entitled to had the amendments made by the Treasury Laws Amendment (Tax Reform No. 1) Act 2026 not been made.

Part 2 — Retaining negative gearing for certain transfers

Income Tax Assessment Act 1997

2 After subsection 26-155(3A)

Insert:

Exception for residential dwellings inherited or acquired because of relationship breakdown etc.

(3B) For the purposes of subsection (1), disregard amounts you could otherwise deduct, and amounts of assessable income, to the extent those amounts relate to the using or holding of an *ownership interest in a *residential dwelling that you:

(a) inherited; or

(b) acquired because of something mentioned in subsection 126-5(1) (court orders under the Family Law Act 1975 etc.).

Sue Lines (President) | Link to this | Hansard source

I will now deal with the amendments circulated by the Australian Greens. The question is that schedule 6 stand as printed.

Australian Greens circulated amendment—

(1) Title, page 1 (line 10), omit "social security and veterans' affairs,".

(2) Clause 2, page 2 (table item 5), omit the table item.

(3) Schedule 6, page 20 (line 1) to page 29 (line 26), to be opposed.

Sue Lines (President) | Link to this | Hansard source

As the last question was resolved in the affirmative, the consequential amendments on sheet 3848 will not be put. The question now is that the Australian Greens amendments on sheet 3764 be agreed to.

Australian Greens circulated amendments—

(1) Schedule 4, item 3, page 14 (lines 15 to 17), omit ", unless the activity is covered by subsection (3) (harm minimisation purpose)".

(2) Schedule 4, item 3, page 14 (lines 22 to 24), omit ", unless the activity is covered by subsection (4) (harm minimisation purpose)".

(3) Schedule 4, item 3, page 15 (lines 14 to 29), omit subsections 355-25(3) and (4).

(4) Schedule 4, item 4, page 16 (lines 6 to 20), omit subsections 355-30(3) and (4), substitute:

Gambling and tobacco related activities etc.

(3) Despite subsections (1) and (2), neither of the following are supporting R&D activities:

(a) an activity referred to in paragraph 355-25(2)(i) (which deals with gambling etc.);

(b) an activity referred to in paragraph 355-25(2)(j) (which deals with tobacco and vaping goods etc.).

Sue Lines (President) | Link to this | Hansard source

The question is that schedule 4 stand as printed.

One Nation 's circulated amendment—

(2) Schedule 4, page 14 (line 1) to page 17 (line 20), to be opposed.

Sue Lines (President) | Link to this | Hansard source

As the last question was resolved in the affirmative, the consequential amendment on sheet 3885 will not be put. I will now deal with the amendment circulated by Senator Thorpe. The question is that the amendment on sheet 3862 be agreed to.

Senator Thorpe's circulated amendment—

(1) Schedule 3, page 12 (after line 15), after Part 2, insert:

Part 2A — SMSF trustee director duties

Superannuation Industry (Supervision) Act 1993

5A After section 104A

104B Trustees etc. of self managed superannuation fund — duties in relation to members under a legal disability or enduring power of attorney

(1) This section applies to a person if the person is:

(a) a trustee of a self managed superannuation fund; or

(b) a director of a body corporate that is the trustee of a self managed superannuation fund;

in place of a member of the fund during any period when:

(c) the member is under a legal disability; or

(d) the trustee or director has an enduring power of attorney in respect of the member of the fund.

(2) To avoid doubt, subsection (1) includes the following circumstances (without limitation):

(a) the member of the fund is under a legal disability and the Public Trustee of a State or Territory is appointed under a law of a State or Territory to manage, to any extent, the member's estate, property or financial affairs;

(b) the Public Trustee of a State or Territory holds an enduring power of attorney in respect of the member of the fund;

(c) the person is approved, in writing, by the Public Trustee to be the trustee or director (as the case may be) in place of the member of the fund.

(3) Despite anything in this Act, in any other law of the Commonwealth, or in a law of a State or Territory, the person must perform their duties and services in relation to the member of the fund:

(a) with respect to the rights, will and preferences of the member; and

(b) without conflict of interest and undue influence; and

(c) in a manner proportionate and suitable to the member's circumstances; and

(d) for the shortest duration possible; and

(e) subject to the complaints handling process of the relevant State or Territory; and

(f) subject to regular review by a competent, independent and impartial authority.

Note 1: This section is intended, in part, to give effect to article 12(4) of the Convention on the Rights of Persons with Disabilities done at New York on 30 March 2007 ([2008] ATS 12): the Convention on the Rights of Persons with Disabilities is in Australian Treaty Series 2008 No. 12 ([2008] ATS 12) and could in 2026 be viewed in the Australian Treaties Library on the AustLII website (http://www.austlii.edu.au).

Note 2: Section 166 imposes an administrative penalty for a contravention of subsection (3).

(4) A person commits an offence if the person contravenes subsection (3).

Penalty: 50 penalty units.

Note: Chapter 2 of the Criminal Code sets out the general principles of criminal responsibility.

5B Section 166 (after table item 10)

Insert:

Question negatived.

The question is that the remaining stages of the bill be agreed to, and the bill be now passed.

Question agreed to.

Bill read a third time.

Nick McKim (Tasmania, Australian Greens) | Link to this | Hansard source

I ask that the Australian Greens' support for the amendment moved by Senator Thorpe be noted, please.