Document ID: chunk:federal_register_of_legislation:C2025C00120:section:26:p3
Version: federal_register_of_legislation:C2025C00120
Segment Type: section
Provision Reference: s 26 (pt 3/3)
Character Range: 110008–112220

respect of the recipients overall housing right or an equivalent housing right;
 (ii) none of those 9 years of tax was a base year of tax for the purpose of calculating the taxable value of a housing fringe benefit to which subparagraph (i) applies.
 (4) For the purposes of this section:
 (a) 2 or more housing rights shall be taken to be included in the same class of housing rights if:
 (i) the housing rights are in respect of the same unit of accommodation; and
 (ii) the conditions (other than as to duration or consideration) of the housing rights are the same or substantially the same; and
 (b) a housing right shall be taken to be equivalent to another housing right if each of those housing rights is included in the same class of housing rights.
 (5) For the purposes of this section, where a material alteration to a unit of accommodation results in an increase or decrease of not less than 10% in the market value of the right to occupy or use the unit:
 (a) the unit of accommodation after the alteration shall be deemed to be a different unit of accommodation from the unit of accommodation before the alteration; and
 (b) if the alteration occurs during the subsistence of a housing right granted to a person in respect of the unit of accommodation, that housing right, as it subsists after the alteration, shall be deemed to have been granted to the person in respect of the unit of accommodation as it existed after the alteration and to have been so granted in the same circumstances as the first‑mentioned housing right.
 (6) A reference in subsection (5) to a material alteration to a unit of accommodation is a reference to:
 (a) additions or improvements made to, or other work carried out in relation to;
 (b) any damage to; or
 (c) the addition of facilities to, or the removal of facilities from;
the unit of accommodation or any building, place or facility associated with the occupation or use of the unit of accommodation.
 (7) An election by an employer under paragraph (3)(aa) in relation to a year of tax:
 (a) shall be made by notice in writing to the Commissioner; and
 (b) shall be lodged with the Commissioner on or before the declaration date in relation to the year of tax.