Taxation (Annual Rates for 2021-22, GST, and Remedial Matters) Bill - Amendment paper No 136
Taxation (Annual Rates for 2021-22, GST, and Remedial Matters) Bill - Amendment paper No 136
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Taxation (Annual Rates for 2021-22, GST, and Remedial Matters) Bill - Amendment paper No 136
No 136
House of Representatives
Supplementary Order Paper
Wednesday, 9 March 2022
Taxation (Annual Rates for 2021-22, GST, and Remedial Matters) Bill
Proposed amendments
Andrew Bayly, in Committee, to move the following amendments:
Clause 48(1)
In clause 48(1), replace new section CB 6A(1) and (2) (page 57, lines 8 to 24) with:
(1)
In this section, 2-year test land means residential land for which the land’s bright-line disposal date is within 2 years of the earliest of any of the applicable dates (bright-line acquisition dates) described in subsections (3) to (7D) and (16).
(2)
Subject to quantification under subsection (8), an amount that a person derives from disposing of 2-year test land is income.
In clause 48(1), new section CB 6A(3) to (7D) (page 57, line 37 to page 60, line 5), replace each instance of “the definitions of 10-year test land and 5-year test land”
with “the definition of 2-year test land”
.
In clause 48(1), new section CB 6A(8) (page 60, line 8), replace “10-year test land or 5-year test land”
with “2-year test land”
Explanatory note
This Supplementary Order Paper would amend the bill to return the bright-line test in relation to income from the sale of residential land to a 2-year test, rather than the 5-year test that is currently in the Income Tax Act 2007 or the 10-year test that is proposed in the bill.
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Taxation (Annual Rates for 2021-22, GST, and Remedial Matters) Bill - Amendment paper No 136
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