Bill
Treasury Laws Amendment (Build to Rent) Bill 2024
lapsed, as at 2024-11-28. Treasury portfolio.
- Sponsor
- Not recorded
- Portfolio
- Treasury
Recorded stages
- introduced — 2024-06-05
- second reading — 2024-06-05
- other — 2024-06-25
- second reading — 2024-06-25
- second reading — 2024-06-26
- other — 2024-06-27
- second reading — 2024-06-27
- committee — 2024-06-27
- third reading — 2024-06-27
- introduced — 2024-07-02
- other — 2024-11-28
Divisions
No divisions recorded. Most questions are decided on the voices; this does not establish that a bill was unopposed.
Plain-language summary
Written by a model from the Bills Digest; not the record, as at 2024-06-05.
The bill would change tax rules to encourage construction of 150,000 new build-to-rent homes over 10 years.
It would give eligible developments a faster capital works deduction and cut the withholding tax for foreign investors, while creating a misuse tax to recover improperly claimed concessions.
A development must have at least 50 dwellings, keep 10% as affordable housing with rent capped at 74.9% of market value, and stay active for 15 years to qualify for the concessions.
- The capital works deduction rate for eligible build-to-rent developments would rise from 2.5% to 4%, shortening the depreciation period from 40 to 25 years.
- The managed investment trust withholding tax rate for non-resident investors would fall from 30% to 15%.
- A build-to-rent development misuse tax, set at 1.5% of the misuse amount, would let the ATO claw back concessions claimed during the 15-year compliance period.
Developers and investors in build-to-rent housing, the Australian Taxation Office, and non-resident investors in managed investment trusts.
Sources
digest
billhome