Commonwealth Consolidated Acts

A NEW TAX SYSTEM (GOODS AND SERVICES TAX) ACT 1999 - SECT 40.70

  (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.