Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 43.152

Commencement

  (1)   On and after the first day on which a building has 50 or more * dwellings:

  (a)   that satisfy subsection   43 - 153(1); and

  (b)   that the owner of the dwellings chooses to form a * build to rent development in accordance with subsection   (6) of this section;

those dwellings are a build to rent development , of the building, that commences to be an * active build to rent development on that day.

  (2)   Also, on and after the first day (if any):

  (a)   after the most recent instance of a * build to rent development of a building * commencing to be an * active build to rent development; and

  (b)   on which the building has 50 or more * dwellings:

  (i)   that satisfy subsection   43 - 153(1); and

  (ii)   that were not part of a build to rent development just before that day; and

  (iii)   that the owner of the dwellings chooses to form a build to rent development in accordance with subsection   (6) of this section;

those dwellings are a build to rent development , of the building, that commences to be an active build to rent development on that day unless an active build to rent development * expands under subsection   (3) on that day to include the dwellings.

Expansion

  (3)   If a building has a * build to rent development (the existing development ) that has * commenced to be an * active build to rent development, on the first day (if any) on which the building has * dwellings (the new dwellings ):

  (a)   that taken together with the dwellings of the existing development for which the * build to rent compliance period has not ended, satisfy subsection   43 - 153(1); and

  (b)   that are not already a part of a build to rent development; and

  (c)   that the owner of the dwellings chooses to form part of the existing development in accordance with subsection   (6) of this section;

the existing development expands to comprise:

  (d)   the dwellings of the existing development; and

  (e)   the new dwellings.

Cessation

  (4)   A * build to rent development ceases to be an * active build to rent development if the dwellings of the active build to rent development for which the * build to rent compliance period has not ended cease to satisfy subsection   43 - 153(1).

Build to rent compliance period

  (5)   The build to rent compliance period for a * dwelling of an * active build to rent development is the 15 years beginning on the day after the day on which:

  (a)   unless paragraph   (b) applies--the development * commences to be an active build to rent development; or

  (b)   if:

  (i)   the dwelling is not part of the development when it commences to be an active build to rent development; but

  (ii)   the development * expands to include the dwelling;

the development expands to include the dwelling.

  (6)   To make a choice for the purposes of paragraph   (1)(b), subparagraph   (2)(b)(iii) or paragraph   (3)(c) in respect of * dwellings, the owner of the dwellings must:

  (a)   make the choice in the * approved form; and

  (b)   give it to the Commissioner.

  (7)   The choice is taken to be made on the following day:

  (a)   if:

  (i)   the owner nominates a day in the choice; and

  (ii)   the Commissioner receives the choice before the nominated day;

    the nominated day; or

  (b)   otherwise--the day the Commissioner receives the choice.