PM to introduce CGT changes, instant tax deduction legislation tomorrow

"[One of] the core elements that we're putting forward are firstly, the tax cuts that we're putting in place," Albanese said.

"The second is the standard deductions that we're putting in place. The $1,000 deduction will particularly benefit those who just go about their work. They'll get $1,000 automatically without having to put in receipts.

The third and fourth elements, he said, include the reforms to CGT and negative gearing.

"They are the core elements that we'll put forward. Now, we will have a second tranche of legislation which will deal with the implementation of details," Albanese said.

As part of the consultation for the second tranche of legislation, Albanese said Treasury would be consulting in the technology space and with COSBOA, the ACCI and the Tech Council.

"There'll be a policy position paper for consultation produced as well after the first round of consultations," he said.

The government's proposed reforms to capital gains tax have drawn mixed responses so far.

CPA Australia tax lead Jenny Wong warned that the changes would disproportionally impact mum-and-dad investors and small business owners.

"For anyone looking to invest, grow a business or take on risk, the message is clear – the government will take at least 30 per cent, regardless of the outcome," she said.

“That effectively creates a minimum tax on aspiration, and it sends the wrong signal at a time when Australia should be encouraging investment, not discouraging it.” 

Independent member for Wentworth, Allegra Spender, said while she supported reforms to CGT, any changes should be moderate to ensure that entrepreneurs are not driven away from Australia’s tax system.

Spender previously expressed concern about the impact of the changes to CGT on start-ups.

"This is really important, we have to get this right, because it has to be about fairness and prosperity and if we don't support the startup sector, we're going to fail on prosperity," she said.