A New Tax System (Goods and Services Tax) Act 1999
A supply is input taxed if:
(a) the supply is of * real property but only to the extent that the property is * residential premises to be used predominantly for residential accommodation (regardless of the term of occupation); and
(b) the supply is by way of * long-term lease .
However, the supply is not input taxed to the extent that the * residential premises are:
(a) * commercial residential premises ; or
(b) * new residential premises other than those used for residential accommodation (regardless of the term of occupation) before 2 December 1998.