Australia's lower house passes bill for biggest overhaul of taxes in decades
The bill includes capital gains and negative gearing changes, plus a $250 tax offset and a $1,000 instant deduction for workers.
- On Thursday, Australia's House of Representatives passed the federal government's budget legislation with a 94-48 vote, including tax and housing reforms that now advance to the Senate.
- The Greens have voiced reservations about the level of ministerial discretion in the legislation, seeking to restore parliamentary oversight and wind back these powers.
- Legislation includes a 30 per cent minimum tax on net capital gains, a $250 Working Australians Tax Offset, a $1,000 instant tax deduction, and a 5 per cent home deposit scheme.
- Senate committees must conduct a brief inquiry with a report due by June 22, providing opposition and independent senators a mechanism to review the government's proposed reforms before final passage.
- Government officials justify the policy by citing about 179,000 new homes built this year, addressing concerns about the projected 35,000 reduction in housing supply from the reforms.
15 Articles
15 Articles
Australia Approves Historic Tax Overhaul Targeting Housing Affordability
Australia's lower house passed a groundbreaking tax reform bill aimed at boosting housing affordability. The legislation, now heading to the Senate, seeks to curb property investor tax breaks and limit negative gearing to newly built homes, alongside offering new tax reliefs to workers.
Labor’s Tax Overhaul Clears Lower House Amid Flurry of Proposed Amendments
Labor’s proposed tax reforms have passed the House of Representatives without amendment with the Coalition and crossbench senators waiting next. The legislation passed the lower house 94 votes to 48 and includes the $250 Working Australian Tax Offset, a $1,000 instant tax deduction, as well as the contentious changes to capital gains tax (CGT) and negative gearing. The Treasury Laws Amendment (Tax Reform No. 1) Bill 2026 removes the 50 percent c…
Australia's lower house passes bill for biggest overhaul of taxes in decades
Australia's lower house of parliament passed a bill on Thursday for the government's biggest overhaul of taxes in decades, curbing tax breaks for property investors to make housing more affordable and scrapping a capital gains discount.
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