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

Slade Brockman

I will now deal with the requests for amendments to the Income Tax Rates Amendment (Tax Reform No. 1) Bill 2026 circulated by One Nation. In accordance with the usual practice, the statements accompanying the requests circulated to this bill will be incorporated in Hansard. The question is that the requests for amendment on sheet 3895 be agreed to.

One Nation's circulated reques ts for amendment s to the Income Tax Rates Amendment (Tax Reform No. 1) Bill 202 6

That the House of Representatives be requested to make the following amendments:

(1) Schedule 1, heading, page 3 (line 1), omit "Amendments", substitute "Minimum tax on capital gains".

(2) Page 3 (after line 19), at the end of the Bill, add:

Schedule 2 — Indexation of income tax thresholds

Income Tax Rates Act 1986

1 Subsection 3(1)

Insert:

income tax threshold means the following amounts (subject to indexation under section 20A):

(a) the dollar amount mentioned in the definition of tax-free threshold in this subsection;

(b) each dollar amount mentioned in the table in clause 1 of Part I of Schedule 7 (table dealing with tax rates for resident taxpayers);

(c) each dollar amount mentioned in the table in clause 1 of Part II of Schedule 7 (table dealing with tax rates for non-resident taxpayers);

(d) each dollar amount mentioned in the table in clause 1 of Part III of Schedule 7 (table dealing with tax rates for working holiday makers).

2 At the end of Part II

Add:

Division 5 — Indexation of income tax thresholds

20A Indexation of income tax thresholds

Indexation

(1) On 1 July 2027 and each later 1 July (the indexation day), each income tax threshold is replaced by the amount worked out using the following formula:

(2) However, subsection (1) does not apply for an indexation day if the indexation factor for the indexation day is 1 or less.

(3) The amount worked out under subsection (1) is to be rounded to the nearest whole dollar (rounding 50 cents upwards).

Indexation factor

(4) The indexation factor for an indexation day is the number worked out using the following formula:

Note: For index number, reference quarter and base quarter see subsection (8).

(5) The indexation factor is to be worked out to 3 decimal places (rounding up if the fourth decimal place is 5 or more).

Changes to CPI index reference period and publication of substituted index numbers

(6) Amounts are to be worked out under this section:

(a) using only the index numbers published in terms of the most recently published index reference period for the Consumer Price Index; and

(b) disregarding index numbers published in substitution for previously published index numbers (except where the substituted numbers are published to take account of changes in the index reference period).

Publication of income tax thresholds

(7) The Commissioner must, by notifiable instrument, publish the amounts worked out under subsection (1) for an indexation day as soon as practicable before the indexation day.

Definitions

(8) In this section:

base quarter means the last March quarter before the reference quarter.

index number, for a quarter, means the All Groups Consumer Price Index number (being the weighted average of the 8 capital cities) published by the Australian Statistician for that quarter.

March quarter means a period of 3 months starting on 1 January.

reference quarter means the last March quarter before the indexation day.

3895-EM

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

(Request for amendments to be moved by Senator Hanson, on behalf of One Nation, in committee of the whole)

Statement pursuant to the order of   .the Senate of 26 June 2000

Amendments (1) and (2)

Amendments (1) and (2) are framed as requests because they amend a bill which imposes taxation within the meaning of section 53 of the Constitution. The Senate may not amend a bill imposing taxation.

The amendments should therefore be moved as requests.

Statement by the Clerk of the Senate pursuant   .to the order of the Senate of 26 June 2000

Amendments (1) and (2)

As this is a bill imposing taxation within the meaning of section 53 of the Constitution, any Senate amendments to the bill must be moved as requests. This is in accordance with the precedents of the Senate.