Introduced with the Foreign Acquisitions and Takeovers Fees Imposition Amendment (Vacancy Fees) Bill 2017, the bill amends the:
Income Tax Assessment Act 1997
to: provide that travel expenditure incurred in gaining or producing assessable income from residential premises is not deductible, and not recognised in the cost base of the property for capital gains tax purposes; and limit deductions for plant and equipment assets used for producing assessable income from residential premises to when the asset was first used for a taxable purpose;
Foreign Acquisitions and Takeovers Act 1975
to implement an annual vacancy fee on foreign owners of residential real estate where residential property is not occupied or genuinely available on the rental market for at least six months in a 12-month period; and
Taxation Administration Act 1953
to make consequential amendments.