- Date
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05 Jun 2024
- Chamber
-
House of Representatives
- Status
-
Before Senate
-
Portfolio
-
Treasury
- Summary
-
Introduced with the Capital Works (Build to Rent Misuse Tax) Bill 2024, the bill amends the:
Income Tax Assessment Act 1936
, Income Tax Assessment Act 1997
and Taxation Administration Act 1953
to provide incentives for investors to support the construction of new build to rent developments by increasing the capital works deduction rate to 4 per cent per year and reducing the final withholding tax rate on eligible fund payments from eligible managed investment trust investments to 15 per cent; National Consumer Credit Protection Act 2009
to extend the application of the Credit Code to buy now, pay later contracts and establish low cost credit contracts as a new category of regulated credit; Medicare Levy Act 1986
to exempt eligible lump sum payments in arrears from the Medicare Levy; Taxation Administration Act 1953
to impose a new reporting obligation on certain large multinational enterprises; Income Tax Assessment Act 1997
to update the list of deductible gift recipients; Federal Financial Relations Act 2009
to update funding arrangements to support payments from the Commonwealth to the States in relation to skills and workforce development; and Income Tax (Transitional Provisions) Act 1997
to extend the $20,000 instant asset write-off by 12 months until 30 June 2025.