Document ID: chunk:federal_register_of_legislation:C2025C00180:clause:1_6:p32
Version: federal_register_of_legislation:C2025C00180
Segment Type: clause
Provision Reference: sch 1 cl 6 (pt 32/63)
Character Range: 418476–421285

commenced merely because works preparing the site for construction, or works undertaken below the lowest level of the building (including any basement level), have commenced.
 (3) A building satisfies the requirements in this subsection if:
 (a) the building is a commercial building that is any of the following (or is a combination of any of the following):
 (i) an office building;
 (ii) a hotel for use wholly or mainly to provide short‑term accommodation for travellers;
 (iii) a shopping centre; or
 (b) the building satisfies the requirements prescribed by the regulations for the purposes of this paragraph.
 (4) A building satisfies the requirements in this subsection if:
 (a) the building:
 (i) has, and continues to maintain at all times during the income year, at least a 5 Star Green Star rating as certified by the Green Building Council of Australia; or
 (ii) has, and continues to maintain at all times during the income year, at least a 5.5 star energy rating as accredited by the National Australian Built Environment Rating System (NABERS); or
 (b) the building satisfies the requirements prescribed by the regulations for the purposes of this paragraph.
 (5) For the purposes of subsection (4), if:
 (a) a building has previously satisfied the requirements in that subsection; and
 (b) the building then fails to satisfy the requirements for a period (the non‑compliance period); and
 (c) within 180 days after the first day of that failure, the building again satisfies the requirements;
treat the building as having satisfied the requirements during the non‑compliance period.

12‑435  Meaning of non‑concessional MIT income
  Non‑concessional MIT income means any of the following:
 (a) *MIT cross staple arrangement income;
 (b) *MIT trading trust income;
 (c) *MIT agricultural income;
 (d) *MIT residential housing income.

12‑436  Meaning of asset entity, operating entity, cross staple arrangement and stapled entity
 (1) An asset entity in relation to an income year is a trust or partnership that is not covered by subsection 275‑10(4) of the Income Tax Assessment Act 1997 in relation to the income year.
 (2) An operating entity in relation to an income year is a trust, partnership or company that is covered by subsection 275‑10(4) of the Income Tax Assessment Act 1997 in relation to the income year.
 (3) For the purposes of this section, in determining whether a partnership or company is covered by subsection 275‑10(4) of the Income Tax Assessment Act 1997, treat the partnership or company as a trust.
 (4) A cross staple arrangement is an *arrangement that is entered into by 2 or more entities (the arrangement entities) if:
 (a) at least one of the arrangement entities is an *asset entity; and
 (b) at least one of the arrangement entities is an *operating entity;