Corporations Point-in-Time Service Updates

Tuesday 14 January 2020 @ 9.39 a.m.

The Corporations Point-in-Time Service has been updated to include the Foreign Acquisitions and Takeovers Fees Imposition Amendment (Near-new Dwelling Interests) Act (Cth) (Act 126 of 2019), the Treasury Laws Amendment (Reducing Pressure on Housing Affordability Measures) Act 2019 (Cth) (Act 129 of 2019), the Foreign Acquisitions and Takeovers Amendment (Australia-Hong Kong Free Trade Agreement) Regulations 2019 (Cth), the Australian Securities and Investments Commission Amendment (First Home Loan Deposit Scheme Guarantees) Regulations 2019, the Corporations Amendment (Design and Distribution Obligations) Regulations 2019 (Cth), the Treasury Laws Amendment (Miscellaneous Amendments) Regulations 2019 (Cth) and the Corporations (Fees) Amendment (Registry Fees) Regulations 2019 (Cth).

Act 126 of 2019

This Act and Schedule 3 to the Treasury Laws Amendment (Reducing Pressure on Housing Affordability Measures) Act 2019 create a reconciliation mechanism to ensure that where a near-new dwelling is sold by a developer to a foreign person, the developer provides a reconciliation payment in respect of that sale.

Act 129 of 2019

Schedule 1 to the Act amends the Income Tax Assessment Act 1997 ("ITAA 1997") to remove the entitlement to the CGT main residence exemption for foreign residents other than where certain life events occur during the period that a person is a foreign resident where that period is six years or less; and modify the foreign resident CGT regime to clarify that, for the purpose of determining whether an entity’s underlying value is principally derived from TARP, the principal asset test is applied on an associate inclusive basis.
Schedule 2 to the Act amends the ITAA 1997 to provide an additional affordable housing capital gains discount. The additional discount of up to 10 per cent applies if a CGT event occurs to an ownership interest in residential premises that has been used to provide affordable housing.
Schedule 3 to the Act enables a reconciliation payment to be made by developers who sell dwellings to foreign persons under a near-new dwelling exemption certificate.

Foreign Acquisitions and Takeovers Amendment (Australia-Hong Kong Free Trade Agreement) Regulations 2019

These regulations amend the Foreign Acquisitions and Takeovers Regulation 2015 to give part effect to Australia’s obligations under the Australia-Hong Kong Free Trade Agreement.

Australian Securities and Investments Commission Amendment (First Home Loan Deposit Scheme Guarantees) Regulations 2019

These regulations amend the Australian Securities and Investments Commission Regulations 2001 to exclude guarantees issued by the National Housing Finance and Investment Corporation under the First Home Loan Deposit Scheme as financial products.

Corporations Amendment (Design and Distribution Obligations) Regulations 2019

These regulations amend the Corporations Regulations 2001 to enhance the Design and Distribution Obligations regime by altering the products and persons in relation to which the regime applies and extend the regime to additional persons and products and exclude certain persons and products from its operation.    

Treasury Laws Amendment (Miscellaneous Amendments) Regulations 2019

The purpose of the Treasury Laws Amendment (Miscellaneous Amendments) Regulations 2019 (the Regulations) is to make minor and technical amendments to regulations in the Treasury portfolio, including tax laws, corporations laws, superannuation laws and credit laws. The amendments are part of the Government’s commitment to the care and maintenance of Treasury portfolio legislation.
The Regulations amend various Treasury portfolio regulations to make minor and technical changes that correct typographical errors and unintended outcomes, increase thresholds and repeal inoperative provisions. These changes ensure that the amended regulations operate in the way intended.

Corporations (Fees) Amendment (Registry Fees) Regulations 2019

These regulations amend the Corporations (Fees) Regulations 2001 to provide journalists with free access to historical extracts and lodged company documents on Australian Securities and Investments Commission business registers. 

These amendments have been updated in the Point-in-Time Corporations Service current to 13 January 2020. (NB: subscription required).

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