A New Tax System (Goods and Services Tax) Act 1999

Chapter 3 - The exemptions  

Part 3-1 - Supplies that are not taxable supplies  

Division 40 - Input taxed supplies  

Subdivision 40-C - Residential premises  

40-70   Supplies of residential premises by way of long-term lease  

(1)    
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 .

(2)    

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.