Corporations Point-in-Time Service Updates

Wednesday 13 December 2017 @ 1.46 p.m.

The Corporations Point-in-Time Service has been updated to include the Treasury Laws Amendment (Housing Tax Integrity) Act 2017 (Act 126 of 2017), the Foreign Acquisitions and Takeovers Fees Imposition Amendment (Vacancy Fees) Act 2017 (Act 127 of 2017) and the Federal Court (Corporations) Amendment (Insolvency Law Reform) Rules 2017, plus updated commencement information for the Foreign Acquisitions and Takeovers Amendment (Amendments of Singapore Australia Free Trade Agreement) Regulations 2017.

Act 126 of 2017

Schedule 1 to the Treasury Laws Amendment (Housing Tax Integrity) Act 2017 amends the Income Tax Assessment Act 1997 (ITAA 1997) to ensure 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 (CGT) purposes. 

Schedule 2 to the Act amends the ITAA 1997 to deny income tax deductions for the decline in value of ‘previously used’ depreciating assets used in gaining or producing assessable income from the use of residential premises for the purposes of residential accommodation.
Schedule 3 implements 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.

Act 127 of 2017

Schedule 3 of the Treasury Laws Amendment (Housing Tax Integrity) Act 2017 implements 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.
This Act imposes the vacancy fee and establishes the amount payable. Broadly, the fee which will be payable when a dwelling is left vacant is the fee that was payable at the time of the foreign investment application.

Federal Court (Corporations) Amendment (Insolvency Law Reform) Rules 2017

These Rules amend the Federal Court (Corporations) Rules 2000 as a result of changes made by the Insolvency Law Reform Act 2016.    

These amendments have been updated in the Point-in-Time Corporations Service current to 12 December 2017. (NB: Subscription required).

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