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Bills of the current Parliament

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


Type
Government
Originating house
House of Representatives
Status
Act
Portfolio
Treasury

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 of bill

For committee reference information, please see the Notes section at the end of this page.

House of Representatives
Introduced and read a first time 23/10/19  
Second reading moved 23/10/19  
Second reading debate 27/11/19  
Second reading agreed to 27/11/19  
Third reading agreed to 27/11/19  
     
Senate
Introduced and read a first time 27/11/19  
Second reading moved 27/11/19  
Second reading debate 05/12/19  
Second reading agreed to 05/12/19  
Third reading agreed to 05/12/19  
     
Finally passed both Houses 05/12/19  
Assent 12/12/19 Act no: 129 - Year: 2019
     

Text of bill

  • First reading

MS-Word PDF HTML
  • As passed by both Houses

MS-Word PDF HTML

Explanatory memoranda

  • Explanatory memorandum

MS-Word PDF HTML

Second reading speeches


Proposed amendments

No proposed amendments have been circulated.

Schedules of amendments

Bills Digest



Notes
  • Considered by scrutiny committee (13/11/2019): Senate Standing Committee for the Scrutiny of Bills; Scrutiny Digest 8 of 2019
  • An electronic version of this Act is available on the Federal Register of Legislation (www.legislation.gov.au)