Outstanding draft tax legislation adds to Government’s “to do” list

Federal Parliament already has a lot on its tax legislation plate for 2018, and that will only be added to by the finalisation of draft legislation into Bills in Parliament. Currently, there is a backlog of important draft legislation awaiting finalisation, including:

  • Controversial GST amendments proposing to give effect to the Government’s 2017-18 Budget measure to require purchasers of new residential premises to withhold and remit the GST on the purchase price directly to the ATO from 1 July 2018 as part of the settlement.
  • Housing affordability plan: Extra 10% CGT discount for investors in affordable rental housing.
  • Extending the Taxable Payment Reporting system to 2 high-risk industries – cleaning and couriers.
  • New dedicated anti-hybrid mismatch rules, coming out of BEPS.
  • Remove the entitlement to the CGT main residence exemption for foreign residents that have dwellings that qualify as their main residence.
  • More consolidation amendments.

Read the details of draft legislation yet to be finalised in Issue 52 of the Thomson Reuters 2017 Weekly Tax Bulletin.

About the Contributor

Terry Hayes

Terry Hayes is a Senior Tax Writer with Thomson Reuters where he heads the Tax Newsroom for the company’s online workflow information solution Checkpoint. He is also Technical Editor for the Thomson Reuters Australian Financial Planning Handbook. Terry’s experience stems from 12 years at the Tax Office and several years in the “Big 4″ environment in Sydney. He is also a Registered Tax Agent.

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