Document ID: chunk:federal_register_of_legislation:C2024A00138:clause:1_11:p3
Version: federal_register_of_legislation:C2024A00138
Segment Type: clause
Provision Reference: sch 1 cl 11 (pt 3/4)
Character Range: 26923–29607

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 amounts worked out under Step 3 for each *construction expenditure area.
           Step 5. Add up the Step 4 amounts for each year.
           Step 6. Multiply the Step 5 amount by:

                (a) if *you are a company (other than a company in the capacity of a trustee)—the *corporate tax rate for the income year in which the *build to rent development *ceases to be an *active build to rent development (the cessation year); or
                (b) in any other case—the maximum rate specified in the table in Part I of Schedule 7 to the Income Tax Rates Act 1986 for the cessation year.

           Step 7. Your build to rent capital works deduction amount is the Step 6 amount multiplied by 1.08.
Note: You can have more than one build to rent capital works deduction amount because there can be more than one build to rent development for which you have a build to rent capital works deduction amount.

44‑30  Your build to rent withholding amount
  Your build to rent withholding 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, identify each *fund payment made by the owner of the *active build to rent development, or each part of such a fund payment, (if any) that is referable to any of the following:

                (a) a payment of rental income under a lease of a *dwelling of the active build to rent development;
                (b) a *capital gain from a *CGT event in relation to a dwelling of the active build to rent development.

                  Note: For the purposes of this step, it does not matter whether an amount must be withheld from a fund payment under Part 2‑5 in Schedule 1 to the Taxation Administration Act 1953.
           Step 3. For each year add up the amounts of payments, or parts of payments, identified under Step 2.
           Step 4. Add up the Step 3 amounts for each year.
           Step 5. Your build to rent withholding amount is the Step 4 amount multiplied by 1.08.

Subdivision 44‑C—When tax is payable

Guide to Subdivision 44‑C

44‑35  What this Subdivision is about
      This Subdivision has rules about payment of build to rent development misuse tax.

Table of sections
44‑40