Daily Archives: October 21, 2017

Treasury Laws Amendment (2017 Measures No 6) Bill 2017 – digital currency will be treated the same as foreign currency for GST purposes from 1 July 2017

The Treasury Laws Amendment (2017 Measures No 6) Bill 2017 passed all stages of Parliament, without amendment on Thur 19.10.2017 and received Royal Assent as Act No. 118 on Monday 30.10.17. It amends the GST Act to ensure that supplies of digital currency receive equivalent GST treatment to supplies of money, particularly foreign currency (this was announced in…

Treasury Laws Amendment (Junior Minerals Exploration Incentive) Bill 2017 – refundable tax offsets or franking credits to shareholders of Junior Miners that surrendered some of the tax losses

The Government introduced the Treasury Laws Amendment (Junior Minerals Exploration Incentive) Bill 2017 on Thur 19.10.2017. It proposes to amend the tax law to replace the former Exploration Development Incentive (EDI) with the Junior Minerals Exploration Incentive (JMEI). Like the EDI, the JMEI would provide a tax incentive to invest in small minerals exploration companies undertaking greenfields minerals exploration in Australia.…

Treasury Laws Amendment (Housing Tax Integrity) Bill 2017 – residential depreciation limits, no residential travel deductions; Foreign Acquisitions and Takeovers Bill – vacancy fees imposed on foreign owners leaving residential premises vacant for 6 months pa

The Treasury Laws Amendment (Housing Tax Integrity) Bill 2017 was introduced with the Foreign Acquisitions and Takeovers Fees Imposition Amendment (Vacancy Fees) Bill 2017, both of which passed the Lower House and then moved to the Senate on 19 October 2017. The Bills were enacted on 30 November 2017 (see related Tax Month article). The…

Treasury Laws Amendment (Reducing Pressure on Housing Affordability Measures No. 1) Bill 2017 – ‘first home buyer’ and ‘downsizer’ superannuation concessions

The Treasury Laws Amendment (Reducing Pressure on Housing Affordability Measures No. 1) Bill 2017  and the First Home Super Saver Tax Bill 2017 were passed by the House of Representatives and moved to the Senate on 18 October 2017. These Acts establish the First Home Super Saver Scheme and amend: 10 Acts to enable first home savers to make…