Part 7/10:
Cranston reports that this clause has been largely overlooked over the past three years, but recent warnings indicate potential legal challenges. Top Australian constitutional lawyers confirm that the clause’s wording grants broader authority than standard legislation, permitting the treasurer to adjust the thresholds for the unrealized capital gains tax—possibly lowering it from $3 million to $2 million or even less. Such adjustments could unearth far more taxpayers under the scope of the new tax.