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Second Reading Speeches

Treasury Laws Amendment (Reducing Pressure on Housing Affordability Measures) Bill 2019

Type
Government
Portfolio
Treasury
Originating house
House of Representatives
Status
Act
Parliament no
46

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Summary

Introduced with the Foreign Acquisitions and Takeovers Fees Imposition Amendment (Near-new Dwelling Interests) Bill 2019, the bill amends the:

Income Tax Assessment Act 1997
to: remove the entitlement to the capital gains tax (CGT) main residence exemption for foreign residents; and clarify that, for the purpose of determining whether an entity’s underlying value is principally derived from taxable Australian real property under the foreign resident CGT regime, the principal asset test is applied on an associate inclusive basis;
Income Tax (Transitional Provisions) Act 1997
to provide for transitional arrangements in relation to the main residence exemption;
Foreign Acquisitions and Takeovers Act 1975
to require a reconciliation payment to be made by developers who sell dwellings to foreign persons under a near-new dwelling exemption certificate; and
Income Tax Assessment Act 1997
and
Taxation Administration Act 1953
to provide an additional affordable housing capital gains discount of up to 10 per cent.