Taxation (Bright-line Test for Residential Land) Bill - Amendment paper No 138
Taxation (Bright-line Test for Residential Land) Bill - Amendment paper No 138
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No 138
House of Representatives
Supplementary Order Paper
Tuesday, 10 November 2015
Taxation (Bright-line Test for Residential Land) Bill
Proposed amendments
Julie Anne Genter, in Committee, to move the following amendments:
Clause 4
In clause 4, new section CB 6A (page 3, line 4 to page 5, line 3), replace in each place it occurs “within 2 years”
with “within 5 years”
.
Clause 6
In clause 6, heading to new section CB 16A (page 5, line 25), replace “within 2 years”
with “within 5 years”
.
In clause 6, new section CB 16A(2)(a) (page 6, lines 4 and 5), replace “the 2 years”
with “the 5 years”
.
Clause 8
In clause 8, new sections DB 18A and DB 18AB (page 6, line 29 to page 8, line 4), replace in each place it occurs “within 2 years”
with “within 5 years”
.
Clause 10
In clause 10, new section FB 3A(1) (page 8, lines 18 to 19), replace in each place it occurs “within 2 years”
with “within 5 years”
.
Clause 11
In clause 11, new section FC 9(2) (page 9, line 26), replace “within 2 years”
with “within 5 years”
.
Clause 12
In clause 12(1) (page 10, line 7), replace “the 2-year”
with “the 5-year”
.
Clause 13
In clause 13, new section FO 17(2) and (3) (page 10, lines 14 to 35), replace in each place it occurs “the 2-year”
with “the 5-year”
.
Clause 14
In clause 14, new sections GB 52 and GB 53 (page 11, line 1 to page 12, line 11), replace in each place it occurs “within 2 years”
with “within 5 years”
.
Clause 15
In clause 15 (page 12, line 15 to page 14, line 30), replace in each place it occurs “within 2 years”
with “within 5 years”
.
Explanatory note
This Supplementary Order Paper extends the 2-year holding period to 5 years. A 2-year period is too short, and will still be relatively easy for speculators to avoid the rule by holding property just over 2 years. Most other OECD countries have a holding period of at least 5 years. Treasury also advised the Government that a bright-line test should be 5 years.
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Taxation (Bright-line Test for Residential Land) Bill - Amendment paper No 138
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