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

Type
Government
Portfolio
Treasury
Originating house
House of Representatives
Status
Before Reps
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.

Progress

House of Representatives
Introduced and read a first time 23 Oct 2019
Second reading moved 23 Oct 2019

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

Notes

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.