Capital Works (Build to Rent Misuse Tax) Act 2024
SECTION 1
1
SHORT TITLE
This Act is the Capital Works (Build to Rent Misuse Tax) Act 2024. SECTION 2 COMMENCEMENT 2(1)
Each provision of this Act specified in column 1 of the table commences, or is taken to have commenced, in accordance with column 2 of the table. Any other statement in column 2 has effect according to its terms.
2(2)
Any information in column 3 of the table is not part of this Act. Information may be inserted in this column, or information in it may be edited, in any published version of this Act.
SECTION 3 3 DEFINITIONS
In this Act:
Tax payable under section 44-15 of the Income Tax Assessment Act 1997 is imposed. SECTION 5 5 AMOUNT OF TAX
The amount of tax is 1.5% of the build to rent misuse amount for the income year.
This Act is the Capital Works (Build to Rent Misuse Tax) Act 2024. SECTION 2 COMMENCEMENT 2(1)
Each provision of this Act specified in column 1 of the table commences, or is taken to have commenced, in accordance with column 2 of the table. Any other statement in column 2 has effect according to its terms.
| Commencement information | ||
| Column 1 | Column 2 | Column 3 |
| Provisions | Commencement | Date/Details |
| 1. The whole of this Act | The first 1 January, 1 April, 1 July or 1 October to occur after the day this Act receives the Royal Assent. | 1 January 2025 |
Note:
This table relates only to the provisions of this Act as originally enacted. It will not be amended to deal with any later amendments of this Act.
2(2)
Any information in column 3 of the table is not part of this Act. Information may be inserted in this column, or information in it may be edited, in any published version of this Act.
SECTION 3 3 DEFINITIONS
In this Act:
build to rent misuse amount
has the same meaning as in the Income Tax Assessment Act 1997.
income year
has the same meaning as in the Income Tax Assessment Act 1997.
Tax payable under section 44-15 of the Income Tax Assessment Act 1997 is imposed. SECTION 5 5 AMOUNT OF TAX
The amount of tax is 1.5% of the build to rent misuse amount for the income year.