Division
Sue Lines 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 m
Senate, 2026-06-29. negative: ayes 25, noes 32.
Question
Sue Lines 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 m
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