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House r7493 Status Act

Treasury Laws Amendment (Tax Reform No. 1) Bill 2026

Introduced by James Chalmers, Angus Taylor

Introduced with the Income Tax Rates Amendment (Tax Reform No. 1) Bill 2026, the bill amends the Income Tax Assessment Act 1997 and 3 other taxation laws to replace the 50 per cent capital gains tax discount for individuals, trusts and partnerships with cost base indexation and a 30 per cent minimum tax rate on capital gains accruing on and after 1 July 2027

  • Income Tax Assessment Act 1997 to limit negative gearing for residential property investments to new builds from 1 July 2027
  • Income Tax Assessment Act 1997 to provide for a non-refundable tax offset from the 2027-28 financial year for Australian resident individuals who earn labour income
  • Income Tax Assessment Act 1997 and Fringe Benefits Tax Assessment Act 1986 to provide for a $1,000 standard deduction from the 2026-27 financial year for work-related expenses for individuals who are Australian tax residents who derive assessable labour income.

Summary from the official bill homepage.

Became law

ActTreasury Laws Amendment (Tax Reform No. 1) Act 2026
NumberNo. 49, 2026
Assent26 Jun 2026
StatusIn force

Sourced from the Federal Register of Legislation at 21 Oct 2026. For the latest information on Australian Government law please go to https://www.legislation.gov.au.

Progress

DateStep
House
28 May 2026Introduced and read a first time
28 May 2026Second reading moved
2 Jun 2026Second reading debate
3 Jun 2026Second reading debate
4 Jun 2026Second reading debate
4 Jun 2026Second reading agreed to
4 Jun 2026Consideration in detail debate
4 Jun 2026Third reading agreed to
Senate
22 Jun 2026Introduced and read a first time
22 Jun 2026Second reading moved
22 Jun 2026Second reading debate
23 Jun 2026Second reading debate
24 Jun 2026Second reading debate
25 Jun 2026Second reading agreed to
25 Jun 2026Committee of the Whole debate
25 Jun 2026Third reading agreed to
House
25 Jun 2026Consideration of Senate message
25 Jun 2026Finally passed both Houses
26 Jun 2026Assent

Divisions on this bill

Official record: bill homepage at aph.gov.au, full text and documents on ParlInfo.