On Jul. 2, AST PRL issued bill on build to rent, re original bill's division.
AST PRL introduced the Treasury laws amendment (build to rent) bill 2024 (the bill) as a consequence of the Senate dividing the Treasury laws amendment (responsible buy now pay later and other measures) bill 2024 (the original bill) into two bills.
The bill aims to increase supply of rental housing by improving investment incentives.
Including by reducing final withholding tax rate on eligible fund payments from managed investment trust investments for eligible new build to rent developments.
Follows AST GVT, AST PRL Jun. 2024 issued bills re build to rent, BNPL, tax, #214874.
Next Steps
Bill, which was read in Senate for first time on Jul. 2, will follow the legislative process.
Jul. 4, 2024 Referral for Inquiry and Report
On Jul. 4, 2024, AST PRL said Economics Legislation Committee is conducting an inquiry into Treasury laws amendment (build to rent) bill 2024 and the Capital works (build to rent misuse tax) bill 2024, for inquiry and report by Sep. 4, 2024.
AST PRL also reminded that the Capital works (build to rent misuse tax) bill 2024 was introduced and read for first time on Jul. 2, in connection with original bill's division.
The committee requests that written submissions be provided by Jul. 25, 2024.
Sep. 2024 AST PRL Committee Report
On Sep. 4, 2024, AST PRL tabled Economics Legislation Committee report on Treasury laws amendment (build to rent) bill 2024 and Capital works (build to rent misuse tax) bill 2024 [provisions]; Committee made one recommendation for bills to be passed.
Coalition Senators issued a dissenting report recommending bills not be passed.
Greens Senators issued a dissenting report recommending that the bills not be passed unless AST GVT makes changes towards phasing out negative gearing and capital gains tax discount for property investors, and increasing investment in public housing.
Plus, ensuring that 100% of the apartments are genuinely affordable; and increased tenancy protections, covering rent increases, tenant privacy, use of data, evictions, use of algorithms to coordinate rents, vacancy levels and affordability, are essential.
In Sep. 2024, AST GVT gave press conference on matters like housing, see #228313.
