A New Tax System (Indirect Tax and Consequential Amendments) Act 1999 (176 of 1999)
Schedule 1 Indirect Tax Acts
Part 1 Amendment of the A New Tax System (Goods and Services Tax) Act 1999
151 Section 195-1 (definition of new residential premises )
Repeal the definition, substitute:
new residential premises means *residential premises that:
(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.
To avoid doubt, if the residential premises are *new residential premises because of paragraph (b) or (c) of this definition, the new residential premises include land of which the new residential premises are a part.