Bill
Treasury Laws Amendment (Reducing Pressure on Housing Affordability Measures No. 1) Bill 2017
passed, as at 2017-12-13. Treasury portfolio.
- Sponsor
- Not recorded
- Portfolio
- Treasury
Recorded stages
- introduced — 2017-09-07
- second reading — 2017-09-07
- second reading — 2017-10-16
- second reading — 2017-10-17
- second reading — 2017-10-18
- second reading — 2017-10-18
- third reading — 2017-10-18
- introduced — 2017-10-18
- second reading — 2017-10-18
- second reading — 2017-12-04
- second reading — 2017-12-05
- second reading — 2017-12-05
- committee — 2017-12-05
- third reading — 2017-12-05
- other — 2017-12-06
- other — 2017-12-07
- passed — 2017-12-07
- royal assent — 2017-12-13
Divisions
- The majority voted against a [motion](https://www.aph.gov.au/Parliamentary_Business/Hansard/Hansard_Display?bid=chamber/hansardr/a923c04b-f8ae-47fa-a4b3-94f3cba5886d/&sid=0000) to reject the main idea of the bills. In parliamentary jargon, they voted against refusing to read the bills for a [second time](https://www.peo.gov.au/learning/fact-sheets/making-a-law.html). This means that the House can continue to consider the bills. ### What is the bills' main idea? The bills were introduced to establish the First Home Super Saver Scheme. Together they will: * *enable first home savers to make voluntary contributions into the superannuation system and to withdraw those contributions and associated earnings for the purposes of purchasing their first home;* * *allow an individual aged 65 years or over to use the proceeds of one sale of their main residence to make contributions (downsizer contributions) of up to $300 000 to their superannuation; and* * *impose a first home super saver tax on individuals who have not entered into a contract to purchase or construct their first home or recontributed the required amount into superannuation.* Read more about the bills and their purpose in the [bills digest](https://www.aph.gov.au/Parliamentary_Business/Bills_Legislation/bd/bd1718a/18bd043). ### Motion text > *That all words after 'That' be omitted with a view to substituting the following words:* > *'The House declines to give the bill and related bill a second reading as:* > *(1) the First Home Super Saver Scheme will do nothing to address housing affordability but will instead work to undermine Australia’s world class superannuation system; and* > *(2) any housing affordability package that does not include reforms to negative gearing and capital gains tax is a sham.'* — 2017-10-18, House of Representatives: negative, ayes 67, noes 76
- The majority agreed with the bills' main idea, which means they can now discuss them in more detail. In parliamentary jargon, they voted to read the bills for a [second time](https://www.peo.gov.au/learning/fact-sheets/making-a-law.html). ### What is the bills' main idea? The bills were introduced to establish the First Home Super Saver Scheme. Together they will: * *enable first home savers to make voluntary contributions into the superannuation system and to withdraw those contributions and associated earnings for the purposes of purchasing their first home;* * *allow an individual aged 65 years or over to use the proceeds of one sale of their main residence to make contributions (downsizer contributions) of up to $300 000 to their superannuation; and* * *impose a first home super saver tax on individuals who have not entered into a contract to purchase or construct their first home or recontributed the required amount into superannuation.* Read more about the bills and their purpose in the [bills digest](https://www.aph.gov.au/Parliamentary_Business/Bills_Legislation/bd/bd1718a/18bd043). — 2017-12-05, Senate: affirmative, ayes 35, noes 30
- The majority voted in favour of [amendments](http://www.openaustralia.org.au/senate/?gid=2017-12-05.8.2) to the [Treasury Laws Amendment (Reducing Pressure on Housing Affordability Measures No. 1) Bill 2017](http://parlinfo.aph.gov.au/parlInfo/search/display/display.w3p;query=Id:legislation/billhome/r5960), which were moved by NSW Senator [David Leyonhjelm](https://theyvoteforyou.org.au/people/senate/nsw/david_leyonhjelm). ### What do these amendments do? Senator Leyonhjelm [explained that](http://www.openaustralia.org.au/senate/?gid=2017-12-05.8.2): > *The government's First Home Super Saver Scheme allows taxpayers to make one withdrawal in their lifetime from their voluntary superannuation contributions to purchase their first and only home. Item 2 of my amendments provides an exemption to the requirement it be a first home. The exemption will apply if the tax commissioner determines that the taxpayer has suffered financial hardship, the circumstances of which can be determined by regulation. I envisage that regulations would refer to circumstances where a taxpayer has limited savings, is currently renting and had an interest in a home many years ago in a cheaper real estate market or when a taxpayer was in a relationship that has since broken down. Taxpayers will still be limited to one withdrawal of their voluntary superannuation in their lifetime and it must be for their only home. This amendment will help people who are struggling to leave the rental market and buy their own home in the face of high property prices. The fact that they once owned their own home, possibly some decades ago, does not make their struggle any less stressful.* ### Amendment text > *(1) Page 2 (after line 11) , after clause 3 , insert:* >> *4 Review of operation of amendments* >> *(1) The Minister must cause an independent review of the operation of the amendments made by this Act.* >> *(2) The review must:* >>> *(a) start as soon as practicable after 18 months after Royal Assent; and — 2017-12-05, Senate: affirmative, ayes 33, noes 28
Plain-language summary
No machine-written summary in this export.
Sources
em
billhome
frl act