Treasury Laws Amendment (Tax Reform No. 1) Act 2026 (49 of 2026)

Schedule 1   CGT adjustments

Part 3   Other amendments

Income Tax Assessment Act 1997

77   Section 152-1

Omit all the words after "against your capital gains", substitute "and quarantined amounts to first reduce your capital gains (under steps 1 to 4) before you can use those 3 concessions to further reduce them".