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  

40-65   Sales of residential premises  

(1)    

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A sale of * real property is input taxed , but only to the extent that the property is * residential premises to be used predominantly for residential accommodation (regardless of the term of occupation).

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History

S 40-65(1) amended by No 80 of 2006, s 3 and Sch 15 item 3, by inserting " (regardless of the term of occupation) " after " residential accommodation " , applicable, and taken to have applied, in relation to net amounts for tax periods starting, or that started, on or after 1 July 2000.

(2)    

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However, the sale 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.

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Note:

For sales of residential premises that are new residential premises, the recipient of the supply must pay an amount representing the GST on the supply to the Commissioner under section 14-250 in Schedule 1 to the Taxation Administration Act 1953 , and the entity liable for the GST on the supply is entitled to a credit for that payment under section 18-60 in that Schedule.

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History

S 40-65(2) amended by No 76 of 2023, s 3 and Sch 6 item 42, by substituting " entity liable for the GST on the supply " for " supplier " in the note, effective 1 October 2023.

S 40-65(2) amended by No 23 of 2018, s 3 and Sch 5 item 6, by inserting the note, effective 1 April 2018. For application provisions, see note under s 33-1 .

S 40-65(2) amended by No 80 of 2006, s 3 and Sch 15 item 4, by inserting " (regardless of the term of occupation) " after " residential accommodation " in para (b), applicable, and taken to have applied, in relation to net amounts for tax periods starting, or that started, on or after 1 July 2000.

S 40-65(2) substituted by No 92 of 2000, s 3 and Sch 11 item 7, effective 1 July 2000. S 40-65(2) formerly read:

(2)
However, the sale is not input taxed to the extent that the *residential premises are *commercial residential premises or *new residential premises.

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