CR 2017/63: Income tax: demerger of Yum China Holdings, Inc. by Yum! Brands, Inc.

PCG 2016/16: Fixed entitlements and fixed trusts

PR 2015/9: Income tax: OnePath Life Limited - OneCare Policy - Life Cover, Total and Permanent Disability Cover and/or Trauma Cover - Value Protector Option

Consolidation revised draft legislation released

On 11 September, the Government released revised draft legislation for the proposed consolidation integrity measures, announced in various Federal Budgets since 2013. For further details, refer to our Riposte here.

Affordable housing CGT discount and MIT draft legislation released

On 14 September, the Government released exposure draft legislation to implement its affordable housing CGT discount and managed investment trusts (MITs) proposals as announced in the 2017/18 Federal Budget. The draft legislation proposes to allow MITs to invest in affordable housing and provides a CGT discount of up to 60% for certain investors in affordable housing. The draft legislation also clarifies that, subject to transitional arrangements, MITs cannot invest in residential premises other than affordable housing or commercial residential premises. For further details, refer to our Riposte here.

Due date extended for report into corporate tax avoidance

The due date for the report of the Senate Economics References Committee inquiry into corporate tax avoidance has been extended again from 30 September to 28 November 2017.

Progress of legislation

As at 15.9.17

Bill

Treasury Laws Amendment (2017 Measures No 6) Bill 2017

Description

Amends the GST Act to ensure that supplies of digital currency receive equivalent GST treatment to supplies of money.

Status

Introduced into House of Reps 14.9.17.

Bill

Treasury Laws Amendment (Reducing Pressure on Housing Affordability Measures No. 1) Bill 2017

Description

Part of Government Housing Affordability Package.

Status

Introduced into House of Reps 7.9.17.

Bill

First Home Super Saver Tax Bill 2017

Description

Part of Government Housing Affordability Package.

Status

Introduced into House of Reps 7.9.17.

Bill

Treasury Laws Amendment (Housing Tax Integrity) Bill 2017

Description

Part of Government Housing Affordability Package.

Status

Introduced into House of Reps 7.9.17.

Bill

Foreign Acquisitions and Takeovers Fees Imposition Amendment (Vacancy Fees) Bill 2017

Description

Part of Government Housing Affordability Package.

Status

Introduced into House of Reps 7.9.17.

Bill

Medicare Levy Amendment (National Disability Insurance Scheme Funding) Bill 2017

Description

Fund the NDIS by amending the Medicare Levy Act 1986 to increase the Medicare levy rate from 2 to 2.5% of taxable income for the 2019-20 income year and later income years.

Status

Introduced into House of Reps 17.8.17.

Bill

Treasury Laws Amendment (Enterprise Tax Plan No. 2) Bill 2017

Description

Extends the reduction of the corporate tax rate to 25 per cent by 2026/27 to businesses with turnover of more than $50 million.

Status

Introduced into House of Reps 11.5.17.

Bill

Treasury Laws Amendment (2017 Enterprise Incentives No. 1) Bill 2017

Description

Similar business test; Effective life assessment on intellectual property.

Status

Introduced into Senate 22.6.17.

Bill

Superannuation (Objective) Bill 2016

Description

Superannuation reform package.

Status

Introduced into Senate 23.11.16. Awaiting passage by Senate.