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Treasury Laws Amendment (Housing Tax Integrity) Bill 2017

2016-2017

 

The Parliament of the

Commonwealth of Australia

 

HOUSE OF REPRESENTATIVES

 

 

 

 

Presented and read a first time

 

 

 

 

Treasury Laws Amendment (Housing Tax Integrity) Bill 2017

 

No.      , 2017

 

(Treasury)

 

 

 

A Bill for an Act to amend the Income Tax Assessment Act 1997 and the Foreign Acquisitions and Takeovers Act 1975 , and for related purposes

   

   



Contents

1............ Short title............................................................................................. 1

2............ Commencement................................................................................... 1

3............ Schedules............................................................................................ 2

Schedule 1—Travel related to use of residential premises                             3

Income Tax Assessment Act 1997                                                                               3

Schedule 2—Limiting depreciation deductions for assets in residential premises               5

Income Tax Assessment Act 1997                                                                               5

Schedule 3—Vacancy fees for foreign acquisitions of residential land 11

Part 1—Amendments                                                                                                   11

Foreign Acquisitions and Takeovers Act 1975                                                     11

Taxation Administration Act 1953                                                                          24

Part 2—Application of amendments                                                                    26

 

 



A Bill for an Act to amend the Income Tax Assessment Act 1997 and the Foreign Acquisitions and Takeovers Act 1975 , and for related purposes

The Parliament of Australia enacts:

1   Short title

                   This Act is the Treasury Laws Amendment (Housing Tax Integrity) Act 2017 .

2   Commencement

             (1)  Each provision of this Act specified in column 1 of the table commences, or is taken to have commenced, in accordance with column 2 of the table. Any other statement in column 2 has effect according to its terms.

 

Commencement information

Column 1

Column 2

Column 3

Provisions

Commencement

Date/Details

1.  Sections 1 to 3 and anything in this Act not elsewhere covered by this table

The day this Act receives the Royal Assent.

 

2.  Schedules 1 and 2

The first 1 January, 1 April, 1 July or 1 October to occur after the day this Act receives the Royal Assent.

 

3.  Schedule 3

A single day to be fixed by Proclamation.

However, if the provisions do not commence within the period of 6 months beginning on the day this Act receives the Royal Assent, they commence on the day after the end of that period.

 

Note:          This table relates only to the provisions of this Act as originally enacted. It will not be amended to deal with any later amendments of this Act.

             (2)  Any information in column 3 of the table is not part of this Act. Information may be inserted in this column, or information in it may be edited, in any published version of this Act.

3   Schedules

                   Legislation that is specified in a Schedule to this Act is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this Act has effect according to its terms.