This article discusses the significance of tax policy issue for Australia's fiscal repair, key stakeholders and their impact, winners and losers, implications for accounting and taxation, and impact on ATO. The tax policy issue is critical in terms of greater fiscal repair in the country. The main benefit of the tax reform would be for any individual/group purchasing already-built properties. The proposal is probably to take some of the heat from the competition for established houses as investors turn their focus toward off-the-plan properties. Younger Australians are likely to get the greatest benefits. The reformed tax policy will have a significant impact on the work of ATO. Its liability will increase pertaining to analysis of the effectual limitation on negative gearing.