Taxation Laws Amendment Act (No. 8) 2000 (156 of 2000)

Schedule 1   GST-free supplies and input taxed supplies

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

9   At the end of Subdivision 40-C

Add:

40-75 Meaning of new residential premises

(1) *Residential premises are new residential premises if they:

(a) have not previously been sold as residential premises and have not previously been the subject of a*long-term lease; or

(b) have been created through*substantial renovations of a building; or

(c) have been built, or contain a building that has been built, to replace demolished premises on the same land.

(2) However, the premises are not new residential premises if, for the period of at least 5 years since:

(a) if paragraph (1)(a) applies (and neither paragraph (1)(b) nor paragraph (1)(c) applies) - the premises first became*residential premises; or

(b) if paragraph (1)(b) applies - the premises were last*substantially renovated; or

(c) if paragraph (1)(c) applies - the premises were last built;

the premises have only been used for making supplies that are*input taxed because of paragraph 40-35(1)(a).

(3) To avoid doubt, if the*residential premises are new residential premises because of paragraph (1)(b) or (c), the new residential premises include land of which the new residential premises are a part.