Last checked 24 October 2026. General information, not tax advice.
Dates ahead
- 13 November 2026: the Senate Economics Legislation Committee is due to report on the Treasury Laws Amendment (Tax Reform No. 3) Bill 2026 and the Income Tax Rates Amendment (Minimum Tax on Discretionary Trusts) Bill 2026. (APH, bill r7554)
- 30 June 2027: assets held by individuals and trusts are generally treated as sold just before 1 July 2027 (the sale happens on 30 June 2027). (ITAA 1997, s 112-155, note 1)
- 1 July 2027: the deemed buy-back happens, and the new rules apply to the part of a gain that builds up from this date. (ITAA 1997, ss 112-155 and 115-100; ATO QC 108170)
- From 1 July 2028: lodging of 2027-28 returns, the earliest that could include a deferred gain for most individuals and trustees, and only if the asset is sold or another CGT event happens in 2027-28. (ATO QC 108170)
- 1 July 2028: proposed start of a 30% minimum tax on certain discretionary trusts, if Parliament passes the Bills (proposal, not law). (Bills Digest No. 24, 2026-27)
Log
24 October 2026: apportioning method and new dwelling tests still not made
Status: not yet made. A search of the Federal Register of Legislation found no instrument setting out the apportioning method (s 112-185) and no instrument setting the requirements for a new residential dwelling (s 26-160(4)). Until they are made, their final details are not known. Sources: Federal Register search, "apportioning capital gains"; Federal Register search, "new residential dwelling"
22 October 2026: Parliamentary Library Bills Digest on the Tax Reform No. 3 Bill
Status: proposal, not law. The Bills Digest summarises the Bill: the 2028 minimum tax on discretionary trusts (Schedules 1 to 3), adjustments to the CGT changes for trusts, deceased estates and foreign and temporary residents (Schedule 4), and a definition of new residential dwelling in the Act (Schedule 5). Source: Bills Digest No. 24, 2026-27
19 October 2026: ATO guidance for tax professionals on market valuations
Status: ATO guidance. The ATO said a valuation does not have to be in place on 30 June 2027 and should not be obtained before that date, because a valuation can't be forward-looking. It said it will issue guidance on valuing certain types of assets, the types of professionals to consider and the records to keep. Source: ATO, CGT reform: guidance and market valuations (QC 108200)
15 October 2026: both Bills referred to a Senate committee
Status: proposal, not law. The Tax Reform No. 3 Bill and the related minimum tax Bill were referred to the Senate Economics Legislation Committee, with a report due on 13 November 2026. Sources: APH, bill r7554; APH, bill r7555
14 October 2026: Tax Reform No. 3 Bill introduced
Status: proposal, not law. The Treasury Laws Amendment (Tax Reform No. 3) Bill 2026 and the Income Tax Rates Amendment (Minimum Tax on Discretionary Trusts) Bill 2026 were introduced in the House of Representatives and the second reading was moved. Neither has passed. Sources: APH, bill r7554; APH, bill r7555
13 October 2026: ATO publishes its capital gains tax reform guidance
Status: ATO guidance. The ATO said that, generally, you don't need to know the market value just before 1 July 2027 to complete your 2026-27 tax return; that for most assets, including real estate, it will need to be established when the asset is later sold; and that the Government is developing the apportionment method. It also said the main residence exemption is not changing. Source: ATO, Capital gains tax reform (QC 108170)
1 October 2026: the Act this site checks against
Status: law. Income Tax Assessment Act 1997, compilation No. 268, starts on 1 October 2026 and is the latest compilation on the Federal Register at 24 October 2026. Every Act section cited on this site was read in it. Source: Federal Register of Legislation, ITAA 1997
4 to 21 August 2026: Treasury consults on the next stage, including a draft apportioning method
Status: proposal, not law. Treasury released exposure drafts of the Tax Reform No. 3 Bill and a draft apportioning method instrument. As drafted, the method would cover only real property and assets without a readily ascertainable market value, estimating the 30 June 2027 value from the purchase cost and later sale price on an assumption of steady compounding growth. Consultation closed on 21 August 2026. Sources: Treasurer's media release, 4 August 2026; Treasury consultation c2026-792170
1 July 2026: the CGT schedule of the Act commences
Status: law. Schedule 1 (CGT adjustments) of the Treasury Laws Amendment (Tax Reform No. 1) Act 2026 commenced on 1 July 2026. Its rules work from 1 July 2027: the deemed sale is just before that date, and the new treatment applies to the part of a gain that builds up from it. Source: Treasury Laws Amendment (Tax Reform No. 1) Act 2026, as made, section 2
26 June 2026: the change becomes law
Status: law. The Treasury Laws Amendment (Tax Reform No. 1) Act 2026 (Act No. 49 of 2026) and the Income Tax Rates Amendment (Tax Reform No. 1) Act 2026 (Act No. 50 of 2026) received Royal Assent. Together they make the first stage of the reform. Sources: Federal Register, Act No. 49 of 2026; Federal Register, Act No. 50 of 2026
28 May 2026: second reading speech on the Tax Reform No. 1 Bill (background)
Status: background. The Treasurer said consultation would continue on some issues, with details to be finalised in later legislation. Source: Bills Digest No. 24, 2026-27
25 May 2026: staged approach announced (background)
Status: background. The Prime Minister announced that the measures would be legislated in stages. Source: Bills Digest No. 24, 2026-27
12 May 2026: Budget announcement
Status: background. In the 2026-27 Budget, the Government announced it would reform capital gains tax, replacing the 50% discount with cost base indexation and a 30% minimum tax for gains that accrue from 1 July 2027. Sources: ATO, Capital gains tax reform (QC 108170); ATO, Tax reform: boosting home ownership (QC 107304)
