Source: https://www.legislation.gov.au/Details/C2018B00013
Timestamp: 2018-02-18 18:08:21
Document Index: 652397202

Matched Legal Cases: ['art 2', 'art 2', 'art 1', 'art 1', 'art 1', 'art 1', 'art 6', 'art 2']

Details: C2018B00013
- C2018B00013
A Bill for an Act to amend the law relating to taxation and foreign acquisitions and takeovers, and for related purposes.
C2018B00013
Part 2—Principal asset test 9
Schedule 2—Near‑new dwelling interests 10
Part 2—Application and transitional provisions 12
Schedule 3—Additional capital gains discount for affordable housing 13
This Act is the Treasury Laws Amendment (Reducing Pressure on Housing Affordability Measures No. 2) Act 2018.
Note: The exemption is not available for the main residence of a foreign resident.
(3) However, this section does not apply if, at the time the *CGT event happens, you are a foreign resident.
(5) However, this section does not apply if, just before the individual’s death, the individual was a foreign resident.
; and (c) the deceased was an Australian resident just before the deceased’s death.
(a) disregard paragraphs (a) and (b) in column 3 of item 2 of the table if, just before the deceased’s death, the deceased was a foreign resident; and
(b) disregard paragraph (c) in column 3 of item 2 of the table if, at the time the relevant *CGT event happened, the individual was a foreign resident.
(aa) if the deceased acquired the ownership interest on or after 20 September 1985 and, just before the deceased’s death, the deceased was a foreign resident—the number of remaining days in the deceased’s ownership period; and
; and (d) just before the deceased’s death, the deceased was an Australian resident.
; and (c) just before the deceased’s death, the deceased was an Australian resident.
(b) was a foreign resident;
(6) However, this section does not apply if, just before the deceased’s death, the deceased was a foreign resident.
; and (d) the *principal beneficiary of the trust is an Australian resident at the time the CGT event happens.
24 At the end of section 118‑225
(5) However, subsection (2) does not apply if, just before the deceased’s death, the deceased was a foreign resident.
25 After paragraph 118‑227(1)(c)
; and (ca) just before the deceased’s death, the deceased was an Australian resident;
26 Section 118‑240 (note)
27 At the end of section 118‑240
Note 2: The exemption does not apply at all if you are a foreign resident.
28 At the end of section 118‑245
No exemption if you are a foreign resident
29 Subsection 128‑15(4) (cell at table item 3, column headed “For this kind of CGT asset:”)
(b) you were then an Australian resident
30 Before section 118‑195
(1) None of the amendments made by Part 1 of Schedule 1 to the Treasury Laws Amendment (Reducing Pressure on Housing Affordability Measures No. 2) Act 2018 apply in relation to a capital gain or capital loss you make from a CGT event if:
(a) the CGT event happens on or before 30 June 2019; and
(i) starting just before 7.30 pm (by legal time in the Australian Capital Territory) on 9 May 2017; and
32 Subsection 855‑30(4) (table item 1)
33 After subsection 855‑30(4)
Schedule 2—Near‑new dwelling interests
residential land (near‑new dwelling interests) certificate has the same meaning as in the Foreign Acquisitions and Takeovers Regulation 2015.
10 Application of amendments—general
Subject to item 11 of this Schedule, the amendments of the Foreign Acquisitions and Takeovers Act 1975 made by Part 1 of this Schedule apply in relation to a near‑new dwelling acquisition occurring on or after 1 July 2017.
11 Transitional—certificate given before commencement
(b) is covered by a residential land (near‑new dwelling interests) certificate that was given to a person (the developer) 6 months or more before the day this item commenced.
(2) The transitional fee period is the period of 12 months beginning immediately after the developer was given the certificate.
(3) Paragraph (b) of item 1 of the table in subsection 113(1) of the Foreign Acquisitions and Takeovers Act 1975, as amended by Part 1 of this Schedule, has effect as if the paragraph required the developer to pay a fee in relation to the certificate at the end of the transitional fee period.
(4) Subsection 113(2A) of the Foreign Acquisitions and Takeovers Act 1975, as inserted by Part 1 of this Schedule, has effect as if the reference in that subsection to a 6 month period were a reference to the transitional fee period or any subsequent 6 month period (disregarding the definition of 6 month period in subsection 113(3) of that Act).
Schedule 3—Additional capital gains discount for affordable housing
3 At the end of Part 6‑1
Division 980—Affordable housing
Guide to Division 980
980‑A Providing affordable housing
980‑1 What this Division is about
A dwelling is used to provide affordable housing if certain conditions are met, including that the dwelling is tenanted or available to be tenanted, and that tenancies of the dwelling are exclusively managed by a community housing provider.
Subdivision 980‑A—Providing affordable housing
980‑5 Providing affordable housing
980‑10 Eligible community housing providers
980‑15 Affordable housing certificates
A *dwelling is used to provide affordable housing on a particular day (the test day) if:
(a) on the test day, the dwelling is *taxable Australian real property and is *residential premises that:
(i) are tenanted or available to be tenanted; and
(ii) are not *commercial residential premises; and
(b) on the test day, the tenancy or prospective tenancy of the dwelling is exclusively managed by an *eligible community housing provider; and
(c) the eligible community housing provider has given each entity that holds an *ownership interest in the dwelling a certificate under section 980‑15 that covers the dwelling for the test day; and
(d) no entity is entitled to receive an incentive, under the Scheme prescribed for the purposes of Part 2 of the National Rental Affordability Scheme Act 2008, for the dwelling for the NRAS year (within the meaning of that Scheme) that includes the test day; and
(e) in the case of a *managed investment trust holding an *ownership interest in the dwelling on the test day—none of the tenants or occupants of the dwelling on that day holds an interest in the trust that passes the *non‑portfolio interest test at any time during that day.
(1) An eligible community housing provider is:
(a) an entity registered (however described) under an *Australian law as a provider of community housing services; or
(b) an entity registered (however described) by an *Australian government agency as a provider of community housing services.
(2) However, an entity that ceases to be covered by subsection (1) continues to be an eligible community housing provider for the 90‑day period starting on the day of the cessation.
For the purposes of paragraph 980‑5(c), a certificate must:
(a) include a declaration that the *eligible community housing provider reasonably believes paragraphs 980‑5(a) and (b) to be satisfied for the *dwelling for the test day; and
(b) be given in the *approved form on or before the 31st day after the end of the income year that contains the test day.
eligible community housing provider has the meaning given by section 980‑10.
provide affordable housing has the meaning given by section 980‑5.
5 Subsection 355‑65(8) in Schedule 1 (at the end of the table)
an *Australian government agency that administers an *Australian law referred to in paragraph 980‑10(1)(a) of the Income Tax Assessment Act 1997
is for the purpose of administering that *Australian law in relation to whether an entity should be, or should continue to be, covered by that Australian law in the way described in that paragraph.
an *Australian government agency that registers entities as described in paragraph 980‑10(1)(b) of the Income Tax Assessment Act 1997
is for the purpose of determining whether an entity should be, or should continue to be, registered as described in that paragraph.
6 Section 396‑55 in Schedule 1 (after table item 9)
an *eligible community housing provider
the issuing by the provider of a certificate under section 980‑15 of the Income Tax Assessment Act 1997
(1) Section 115‑125 of the Income Tax Assessment Act 1997 (as added by this Schedule) applies in relation to CGT events happening on or after 1 January 2018.
(2) Division 980 of the Income Tax Assessment Act 1997 (as added by this Schedule) applies in relation to tenancies starting before, at or after 1 January 2018.
(3) The amendment of subsection 355‑65(8) in Schedule 1 to the Taxation Administration Act 1953 made by this Schedule applies in relation to records and disclosures of information made at or after the commencement of this Schedule, whether the information was obtained before, at or after the commencement of this Schedule.