Tax Laws Amendment (2011 Measures No. 9) Act 2012 (12 of 2012)

Schedule 4   New residential premises

Part 1   Amendments

A New Tax System (Goods and Services Tax) Act 1999

2   At the end of subsection 40-75(1)

Add:

Paragraphs (b) and (c) have effect subject to paragraph (a).

Note 1: For example, residential premises will be new residential premises if they are created as described in paragraph (b) or (c) to replace earlier premises that had ceased to be new residential premises because of paragraph (a).

Note 2: However, premises that are new residential premises because of paragraph (b) or (c) will cease to be new residential premises once they are sold, or supplied by way of long-term lease, as residential premises (see paragraph (a)).

Note 3: Premises created because of the registration of, for example, a strata title plan, or a plan to subdivide land, may not become new residential premises (see subsection (2AA)).