A NEW TAX SYSTEM (GOODS AND SERVICES TAX) ACT 1999 - SECT 40.70 Supplies of residential premises by way of long - term lease
A NEW TAX SYSTEM (GOODS AND SERVICES TAX) ACT 1999 - SECT 40.70
Supplies of residential premises by way of long - term lease(1) A supply is input taxed if:
(a) the supply is of * real property but only to the extent that the property is * residential premises to be used predominantly for residential accommodation (regardless of the term of occupation); and
(b) the supply is by way of * long - term lease.
(2) However, the supply is not input taxed to the extent that the * residential premises are:
(a) * commercial residential premises; or
(b) * new residential premises other than those used for
residential accommodation (regardless of the term of occupation) before 2
December 1998.