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28 Nov 2019 Bills before the Senate

Treasury Laws Amendment (Reducing Pressure on Housing Affordability Measures) Bill 2019: Introduced with the Foreign Acquisitions and Takeovers Fees Imposition Amendment (Near-new Dwelling Interests) Bill 2019, the Bill amends the Income Tax Assessment Act 1997 to remove the entitlement to the CGT main residence exemption for foreign residents; and clarify that, for the purpose of determining whether an entity’s underlying value is principally derived from taxable Australian real property under the foreign resident CGT regime, the principal asset test is applied on an associate inclusive basis etc. 

Foreign Acquisitions and Takeovers Fees Imposition Amendment (Near-new Dwelling Interests) Bill 2019:Introduced with the Treasury Laws Amendment (Reducing Pressure on Housing Affordability Measures) Bill 2019, the Bill amends the Foreign Acquisitions and Takeovers Fees Imposition Act 2015 to impose reconciliation fees on developers who sell a near-new dwelling to a foreign person under a near-new dwelling exemption certificate. 

Treasury Laws Amendment (Recovering Unpaid Superannuation) Bill 2019: Amends the Income Tax Assessment Act 1997 and Superannuation Guarantee (Administration) Act 1992 to provide for a one-off amnesty to encourage employers to self-correct historical superannuation guarantee non-compliance; and Superannuation Guarantee (Administration) Act 1992 to limit the Commissioner of Taxation’s ability to remit penalties for historical superannuation guarantee non-compliance, where an employer fails to disclose information relevant to their historical superannuation guarantee shortfall.

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