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🏛 House of Representatives3 readingsAmendments circulated
Treasury Laws Amendment (2024 Tax and Other Measures No. 1) 2024
✦ Plain-English Summary
# Treasury Laws Amendment (2024 Tax and Other Measures No. 1) Bill 2024
## What it does
This bill makes four changes to how Australia's tax system works. It increases the tax withheld from foreign investors selling Australian property, makes it easier for employers to submit payroll information less frequently, lets small and medium businesses correct their own tax mistakes more easily, and stops the ATO sending tax refunds by cheque.
## Why it matters
The foreign investor property tax change will affect overseas buyers and sellers, potentially making Australian property investment less attractive. The other changes mainly benefit employers and small business owners by reducing paperwork and admin burden, while the cheque phase-out reflects modern banking practices.
## Key details
**Foreign investor property tax:** The withholding rate increases from 12.5% to 15% on capital gains when foreign residents sell Australian property. This applies from 1 January 2025 onwards.
**Payroll reporting:** Employers get more flexibility to file single touch payroll declarations less frequently, reducing monthly compliance requirements.
**Self-corrections:** Small and medium businesses can now amend their own tax returns more easily without needing ATO approval first—streamlining the correction process.
**Implementation:** Most changes take effect from the next quarterly date (1 January, April, July or October) after the bill becomes law, except payroll changes which start the day after Royal Assent.
Official Description
Amends the: Taxation Administration Act 1953 to: modify the foreign resident capital gains withholding payments regime to increase the withholding rate from 12.5 per cent to 15 per cent and remove the threshold before which withholding applies; allow employers to make single touch payroll declarations for extended periods; and provide the Commissioner of Taxation with a power to retain tax refunds for a 90-day period to enable the commissioner to obtain financial institution details for the refund to be paid into; and Income Tax Assessment Act 1936 and Taxation Administration Act 1953 to extend the time in which small or medium business taxpayers may apply to have a tax assessment amended.
Committee Referrals
Senate Economics Legislation Committee
Audit History
Last updated on APH
10 Apr 2026
Last checked by Crossbench
today
🗳️No formal division recorded
This bill passed by voice vote — parliament agreed without calling a formal count. A division is only recorded when a member explicitly requests one.
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