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

Slade Brockman

The question is now that the amendment from Jacqui Lambie Network and Senator David Pocock on sheet 3880 be agreed to.

Circulated amendment of Jacqui Lambie Network and Senator David Pocock to the Treasury Laws Amendment (Tax Reform No. 1) Bill 2026

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

Exception for one residential dwelling

(3A) 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:

(a) that you *acquire on or after 7.30pm, by legal time in the Australian Capital Territory, on 12 May 2026; and

(b) in respect of which you have made an election under subsection (3C).

(3B) Despite subsection 118-130(2), for the purposes of paragraph (3A)(a) of this section, for a *residential dwelling that you *acquire under a contract, you have an *ownership interestin the residential dwelling from the time when you enter into the contract.

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

(3D) An election under subsection (3C) must be:

(a) in the *approved form; and

(b) given to the Commissioner.

(3E) An election you make under subsection (3C) in respect of a *residential dwelling:

(a) cannot be varied; and

(b) remains in force until you cease holding an *ownership interest in the residential dwelling.