Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 43.154

  (1)   If any of the following events happen in relation to a * build to rent development, each entity to which subsection   (3) applies must notify the Commissioner of the event:

  (a)   the development * commences to be an * active build to rent development;

  (b)   the development * expands;

  (c)   the * ownership interest in the development is acquired by another entity;

  (d)   the development * ceases to be an active build to rent development.

  (2)   The notice must be:

  (a)   in the * approved form; and

  (b)   given no later than 28 days after the event.

  (3)   This subsection applies to the following entities:

  (a)   the owner of the development at the time just before the event happens;

  (b)   if in the income year in which the event happens, an entity is required to notify the Commissioner under subsection   16 - 150(4) in Schedule   1 to the Taxation Administration Act 1953 of an amount to which subsection   12 - 450(5) in that Schedule applies, to any extent, because of a * dwelling of the development--the entity;

  (c)   if the event is the event mentioned in paragraph   (1)(c) of this section--the entity that acquires the * ownership interest in the development.