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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

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Subdivision 44-B - Build to rent development misuse tax

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Build to rent misuse amounts

SECTION 44-30

44-30 Your build to rent withholding amount

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Your build to rent withholding amount , for a *build to rent development that *ceases to be an *active build to rent development, is the amount worked out as follows: Method statement

Step 1.

Identify each income year in which, at any time during the year, the *build to rent development was an *active build to rent development.

Step 2.

For each of those years, identify each *fund payment made by the owner of the *active build to rent development, or each part of such a fund payment, (if any) that is referable to any of the following:

(a) a payment of rental income under a lease of a *dwelling of the active build to rent development;

(b) a *capital gain from a *CGT event in relation to a dwelling of the active build to rent development.

Note:

For the purposes of this step, it does not matter whether an amount must be withheld from a fund payment under Part 2-5 in Schedule 1 to the Taxation Administration Act 1953 .

Step 3.

For each year add up the amounts of payments, or parts of payments, identified under Step 2.

Step 4.

Add up the Step 3 amounts for each year.

Step 5.

Your build to rent withholding amount is the Step 4 amount multiplied by 1.08.

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