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.


 

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