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

2019

 

The Parliament of the

Commonwealth of Australia

 

HOUSE OF REPRESENTATIVES

 

 

 

 

As passed by both Houses

 

 

 

 

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

 

No.      , 2019

 

 

 

 

 

A Bill for an Act to amend the law relating to taxation and foreign acquisitions and takeovers, and for related purposes

   

   



Contents

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

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

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

Schedule 1—Capital gains tax changes for foreign residents                      3

Part 1—Main residence exemption                                                                         3

Income Tax Assessment Act 1997                                                                               3

Income Tax (Transitional Provisions) Act 1997                                                     9

Part 2—Principal asset test                                                                                        10

Income Tax Assessment Act 1997                                                                             10

Schedule 2—Additional capital gains discount for affordable housing 11

Income Tax Assessment Act 1997                                                                             11

Schedule 3—Near-new dwelling interests                                                              14

Part 1—Amendments                                                                                                   14

Foreign Acquisitions and Takeovers Act 1975                                                     14

Part 2—Application and transitional provisions                                             16

 



A Bill for an Act to amend the law relating to taxation and foreign acquisitions and takeovers, and for related purposes

The Parliament of Australia enacts:

1   Short title

                   This Act is the Treasury Laws Amendment (Reducing Pressure on Housing Affordability Measures) Act 2019 .

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

The day after this Act receives the Royal Assent.

 

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.