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Amendment paper Bill enacted Released 09 March 2022 | Brooke van Velden

Taxation (Annual Rates for 2021-22, GST, and Remedial Matters) Bill - Amendment paper No 135

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Amendment paper Bill enacted Released 09 March 2022 | Brooke van Velden

Taxation (Annual Rates for 2021-22, GST, and Remedial Matters) Bill - Amendment paper No 135

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No 135

House of Representatives

Supplementary Order Paper

Tuesday, 8 March 2022

Taxation (Annual Rates for 2021-22, GST, and Remedial Matters) Bill

Proposed amendments

Brooke van Velden, in Committee, to move the following amendments:

Clause 48

Replace clause 48 (page 57, line 1 to page 65, line 27) with:

48 Section CB 6A repealed (Disposal within 10 years: Bright-line test for residential land)

Repeal section CB 6A.

Clause 49

Replace clause 49 (page 66, line 10 to page 67, line 30) with:

49 Section CB 16A repealed (Main home exclusion for disposal within 10 years)

Repeal section CB 16A.

Clause 55C

Delete clause 55C (page 70, lines 21 to 34).

Clause 56B

Replace clause 56B (page 71, line 4 to page 73, line 15) with:

56B Section CZ 39 repealed (Disposal within 5 years: bright-line test for residential land: acquisition on or after 29 March 2018)

Repeal section CZ 39.

Clause 57

Replace clause 57 (page 73, lines 16 to 28) with:

57 Section CZ 40 repealed (Main home exclusion for bright-line: acquisition on or after 29 March 2018)

Repeal section CZ 40.

Clause 57B

Delete clause 57B (page 73, lines 29 to 34).

Clause 58

Delete clause 58 (page 73, line 35 to page 74, line 11).

Clause 61B

Delete clause 61B (page 75, lines 5 to 27).

Clause 64B

Delete clause 64B (page 76, lines 12 to 18).

Clause 64BB

Delete clause 64BB (page 76, lines 19 to 24).

Clause 64CB

Delete clause 64CB (page 76, line 28 to page 77, line 2).

Clause 64DB

Delete clause 64DB (page 77, line 30 to page 78, line 2).

Clause 64E

Delete clause 64E (page 78, line 3 to page 89, line 35).

Clause 80B

Delete clause 80B (page 101, lines 4 to 6).

Clause 80C

Delete clause 80C (page 101, lines 7 to 37).

Clause 85C

Delete clause 85C (page 105, lines 1 to 33).

Clause 131B

Delete clause 131B (page 135, lines 4 and 5).

Schedule 1A

Delete Schedule 1A (page 161, lines 1 to 28).

Explanatory note

This Supplementary Order Paper would amend the bill to remove all changes to the bright-line test, remove the bright-line test from the Income Tax Act 2007, and remove any provisions that would limit interest cost tax deductibility for investment properties.

Amendment paper Bill enacted Released 09 March 2022

Taxation (Annual Rates for 2021-22, GST, and Remedial Matters) Bill - Amendment paper No 135

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