Commonwealth Consolidated Acts

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INCOME TAX ASSESSMENT ACT 1997 - SECT 43.185

Residential or display use

  (1)   A building, other than a * hotel building or an * apartment building, or an extension, alteration or improvement to such a building, begun after 19   July 1982 and before 18   July 1985 is taken not to be used for the * purpose of producing assessable income or exempt income if it is used or for use wholly or mainly for exhibition or display in connection with:

  (a)   the sale of all or part of any building; or

  (b)   the lease of all or part of any building for use wholly or mainly for or in association with residential accommodation.

Note:   Subsection   (1) affects time period 2 in Table 43 - 90 and time period 3 in Table 43 - 140.

  (2)   A building, other than a * hotel building or an * apartment building, begun after 19   July 1982 and before 18   July 1985 is taken not to be used for the * purpose of producing assessable income if it is used or available for use wholly or mainly for or in association with residential accommodation.

Note:   Subsection   (2) affects time period 2 in Table 43 - 90 and time period 3 in Table 43 - 140.

  (3)   A building, other than a * hotel building or an * apartment building, begun after 17   July 1985 and before 1   July 1997 is taken not to be used for the * purpose of producing assessable income if it is used or for use wholly or mainly for exhibition or display in connection with the sale of all or part of any building.

Note:   Subsection   (3) affects time periods 2 and 3 in Table 43 - 140.


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