Document ID: chunk:federal_register_of_legislation:C2004A00749:clause:1_9
Version: federal_register_of_legislation:C2004A00749
Segment Type: clause
Provision Reference: sch 1 cl 9
Character Range: 7661–8843

9  At the end of Subdivision 40‑C
Add:

40‑75  Meaning of new residential premises

 (1) *Residential premises are new residential premises if they:
 (a) have not previously been sold as residential premises and have not previously been the subject of a *long‑term lease; or
 (b) have been created through *substantial renovations of a building; or
 (c) have been built, or contain a building that has been built, to replace demolished premises on the same land.

 (2) However, the premises are not new residential premises if, for the period of at least 5 years since:
 (a) if paragraph (1)(a) applies (and neither paragraph (1)(b) nor paragraph (1)(c) applies)—the premises first became *residential premises; or
 (b) if paragraph (1)(b) applies—the premises were last *substantially renovated; or
 (c) if paragraph (1)(c) applies—the premises were last built;
the premises have only been used for making supplies that are *input taxed because of paragraph 40‑35(1)(a).

 (3) To avoid doubt, if the *residential premises are new residential premises because of paragraph (1)(b) or (c), the new residential premises include land of which the new residential premises are a part.