Treasury Laws Amendment (Housing Tax Integrity) Bill 2017

Type
Government
Portfolio
Treasury
Originating house
House of Representatives
Status
Passed Both Houses
Parliament no
45

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Summary

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.

Progress

House of Representatives
Introduced and read a first time 07 Sep 2017
Second reading moved 07 Sep 2017
Second reading debate 18 Oct 2017
Second reading agreed to 18 Oct 2017
Third reading agreed to 18 Oct 2017
Senate
Introduced and read a first time 19 Oct 2017
Second reading moved 19 Oct 2017
Second reading debate 13 Nov 2017
Second reading debate 14 Nov 2017
Second reading debate 15 Nov 2017
Second reading agreed to 15 Nov 2017
Third reading agreed to 15 Nov 2017

Documents and transcripts

Text of bill

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Explanatory memoranda

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Proposed amendments

No proposed amendments have been circulated.

Schedules of amendments

No documents at present

Bills digest

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Helpful information

Text of bill

  • First reading: Text of the bill as introduced into the Parliament
  • Third reading: Prepared if the bill is amended by the house in which it was introduced. This version of the bill is then considered by the second house.
  • As passed by both houses: Final text of bill agreed to by both the House of Representatives and the Senate which is presented to the Governor-General for assent.

Explanatory memoranda

  • Explanatory memorandum: Accompanies and provides an explanation of the content of the introduced version (first reading) of the bill.
  • Supplementary explanatory memorandum: Accompanies and explains amendments proposed by the government to the bill.
  • Revised explanatory memorandum: Accompanies and explains the amended version (third reading) of the bill. It supersedes the explanatory memorandum.

Proposed amendments

Circulated by members and senators when they propose to make changes to the bill. For details about the outcome of proposed amendments please refer to either the Votes and Proceedings (House of Representatives) or the Journals (Senate).

Schedules of amendments

Schedules of amendments list amendments agreed to by the second house are communicated to the first house for consideration. Subsequent action by either house may also be included in a schedule.