GST Point-in-Time Service Updates

Wednesday 13 December 2017 @ 1.54 p.m.

The GST Point-in-Time Service has been updated to include the Treasury Laws Amendment (Housing Tax Integrity) Act 2017 (Act 126 of 2017) and the Treasury Laws Amendment (2017 Measures No. 3) 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.

Treasury Laws Amendment (2017 Measures No. 3) Regulations 2017

These regulations amend the A New Tax System (Goods and Services Tax) Regulations 1999, the Fringe Benefits Tax (Application to the Commonwealth) Regulations and the Taxation Administration Regulations 2017 to treat digital currency consistently with money and makes minor technical amendments to the tax law.

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

If you are not already a subscriber to this or other Point-in-Time Services then please contact us to find out more or to take a free trial