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

Senator CADELL (New South Wales—Nationals Whip in the Senate) (13:28): My concern over the last 24 hours is about having to have older and historic cars valued before 1 July next year. I've got a mate, Nick, in Melbourne, who is rebuilding a HK Holden. It won't be together by 1 July next year.

How do we go from a zero value on a car that is not built? Everyone knows every car restoration project becomes 'that one-year project is the best three years of your life'. How does he go about getting a value on something that's not built?