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 tax 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