Document ID: chunk:federal_register_of_legislation:C2024A00138:clause:1_11:p2
Version: federal_register_of_legislation:C2024A00138
Segment Type: clause
Provision Reference: sch 1 cl 11 (pt 2/4)
Character Range: 24383–27147

section applies for the income year (if any).
 (3) For the purposes of paragraphs (2)(a) and (b), this subsection applies to a *build to rent development for an income year if:
 (a) the build to rent development *ceases to be an *active build to rent development during the income year; and
 (b) you owned the *dwellings of the build to rent development immediately before that cessation.

44‑25  Your build to rent capital works deduction amount
  Your build to rent capital works deduction amount, for a *build to rent development that *ceases to be an *active build to rent development, is the amount worked out as follows:

      Method statement
           Step 1. Identify each income year in which, at any time during the year, the *build to rent development was an *active build to rent development.
           Step 2. For each of those years:

                (a) identify each *construction expenditure area of capital works that are or include the *active build to rent development area of the *build to rent development at any time during the year; and
                (b) calculate the amount worked out by the following formula for each construction expenditure area:

            where:
            active build to rent part, of the *construction expenditure area, is the part of the area that was the *active build to rent development area, or part of the active build to rent development area at any time during the year.
            days used is the number of days in the income year that:

                (a) any entity owned or was the lessee of the *active build to rent part and used it in the *4% build to rent manner; or
                (b) any entity was the holder of the active build to rent part under a *quasi ownership right over land granted by an *exempt Australian government agency or an *exempt foreign government agency, and used it in the 4% build to rent manner.

            portion of construction expenditure is the portion of *construction expenditure that is attributable to the *active build to rent part.
           Step 3. Reduce the Step 2 amount for each *construction expenditure area, for each year, by the extent to which the *active build to rent part was used only partly for the *purpose of producing assessable income in the year.
                  Note: This step applies if:
                   (a) part of the income from the active build to rent part is exempt income; or
                   (b) part of the active build to rent part was not used for the purpose of producing assessable income or was not available for that use; or
                   (c) the active build to rent part was not used for such a purpose during a part of the days used period.
           Step 4. For each year, add up the