Tax & Accounting Blog

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

Accounting, Audit & Payroll, Blog, Business Tax, Business Tax, CGT, Federal Tax, Federal Tax, Indirect Tax, Indirect Tax, Individual Tax, International Reporting & Compliance, International Reporting & Compliance, Superannuation, Tax, Tax December 19, 2017

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

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