Income Tax Assessment Act 1997

CHAPTER 2 - LIABILITY RULES OF GENERAL APPLICATION  

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

Division 43 - Deductions for capital works  

Subdivision 43-D - Deductible uses of capital works  

Build to rent developments

SECTION 43-152   Build to rent developments  

Commencement

43-152(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.

43-152(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

43-152(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

43-152(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

43-152(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.

43-152(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.

43-152(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.