Income Tax Assessment Act 1997

CHAPTER 2 - LIABILITY RULES OF GENERAL APPLICATION  

PART 2-10 - CAPITAL ALLOWANCES: RULES ABOUT DEDUCTIBILITY OF CAPITAL EXPENDITURE  

Division 44 - Build to rent development misuse tax  

Subdivision 44-B - Build to rent development misuse tax  

Build to rent misuse amounts

SECTION 44-20   Build to rent misuse amounts  

44-20(1)    
You have a build to rent misuse amount for an income year, equal to the amount worked under subsection (2) , if the amount worked out under that subsection is greater than nil.

44-20(2)    
For the purposes of subsection (1) , the amount is the sum of:

(a)    the amount that is the sum of your *build to rent capital works deduction amounts, worked out under section 44-25 , for each *build to rent development to which subsection (3) of this section applies for the income year (if any); and

(b)    the amount that is 10 times the sum of your *build to rent withholding amounts, worked out under section 44-30 , for each build to rent development to which subsection (3) of this section applies for the income year (if any).

44-20(3)    
For the purposes of paragraphs (2)(a) and (b) , this subsection applies to a *build to rent development for an income year if:

(a)    the build to rent development *ceases to be an *active build to rent development during the income year; and

(b)    you owned the *dwellings of the build to rent development immediately before that cessation.