The Income Tax Point-in-Time Service has been updated to include the Treasury Laws Amendment (Housing Tax Integrity) Act 2017 (Act 126 of 2017), the Veterans' Affairs Legislation Amendment (Omnibus) Act 2017 (Act 128 of 2017), the Marriage Amendment (Definition and Religious Freedoms) Act 2017 (Act 129 of 2017), the Anti-Money Laundering and Counter-Terrorism Financing Amendment Act 2017 (Act 130 of 2017), the Treasury Laws Amendment (Reducing Pressure on Housing Affordability Measures No. 1) Act 2017 (Act 132 of 2017) and the Treasury Laws Amendment (2017 Measures No. 3) Regulations 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:
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.
The Act comprises eight Schedules that will implement several small, but necessary amendments to veterans’ affairs legislation to clarify, improve or streamline the operation of the law.
An Act to amend the Marriage Act 1961 to:
This Act amends the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act) and the Financial Transaction Reports Act 1988 (FTR Act).
The Act implements a first phase of reforms arising from the recommendations of the Report on the Statutory Review of the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 and Associated Rules and Regulations (the Report).
The Act contains a range of measures to strengthen Australia’s capabilities to address money laundering (ML) and terrorism financing (TF) risks, and generate regulatory efficiencies, including amendments to:
Schedule 1 to the Treasury Laws Amendment (Reducing Pressure on Housing Affordability Measures No.1)
Act 2017 (‘the Act’) establishes the First Home Super Saver Scheme, which allows individuals
who are saving for their first home to take advantage of the concessional taxation
arrangements that apply to the superannuation system.
Under the First Home Super Saver Scheme, first home savers who make voluntary contributions into the superannuation system can withdraw those contributions (up to certain limits) and an amount of associated earnings for the purposes of purchasing their first home. Concessional tax treatment applies to amounts that are withdrawn under the Scheme.
Schedule 2 to the Act allows an individual to use the proceeds in relation to one sale of their main residence to make contributions (downsizer contributions) of up to $300,000 to their superannuation provider if they are 65 years of age or over. Downsizer contributions can be made regardless of the other contributions caps and restrictions that might apply to making voluntary contributions.
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.
The amendments made by these Acts and the Regulation have been updated in the Point-in-Time Income Tax Service current to 9 January 2018. (NB: Subscription required).
FREE legislation news, delivered daily.
Sign up now.
NEW information resources - great for training.
Parliamentary sitting dates are shaded. Simply rollover any shaded date to see which houses in which jurisdictions are sitting.