Document ID: chunk:federal_register_of_legislation:C2019A00129:clause:2_2
Version: federal_register_of_legislation:C2019A00129
Segment Type: clause
Provision Reference: sch 2 cl 2
Character Range: 12732–15163

2  At the end of Subdivision 115‑B
Add:

115‑125  Investors disposing of property used for affordable housing

Object
 (1) The object of this section is to increase the discount percentage to the extent that the *discount capital gain relates to a *dwelling used to *provide affordable housing.

When this section applies
 (2) This section applies to a *discount capital gain if:
 (a) you are an individual; and
 (b) either:
 (i) you make the discount capital gain from a *CGT event happening in relation to a *CGT asset that is your *ownership interest in a *dwelling; or
 (ii) because of section 115‑215, Division 102 applies to you as if you had made the discount capital gain for a *capital gain of a trust covered by subsection (3); and
 (c) where subparagraph (b)(ii) applies—the trust's capital gain was made directly, or indirectly through one or more entities that are all covered by subsection (3), from a CGT event happening in relation to a CGT asset that is an ownership interest in a dwelling; and
 (d) the dwelling was used to *provide affordable housing on at least 1095 days:
 (i) before the CGT event; and
 (ii) during your, or the relevant trustee's or partner's, *ownership period of that dwelling; and
 (iii) on or after 1 January 2018.
The days mentioned in paragraph (d) need not be consecutive.
Note: 1095 days is the same as 3 years.
 (3) This subsection covers the following:
 (a) a trust, other than a *superannuation fund or a public unit trust (within the meaning of section 102P of the Income Tax Assessment Act 1936);
 (b) a *managed investment trust;
 (c) a partnership.

Discount percentage
 (4) The percentage resulting from this section is the sum of:
 (a) the *discount percentage that would apply to the *discount capital gain apart from this section; and
 (b) the result (expressed as a percentage) of subsection (5).
 (5) Work out the following:
where:
affordable housing days means the number of days during that *ownership period (see paragraph (2)(d)) of the *dwelling, and on or after 1 January 2018, on which:
 (a) the dwelling was used to *provide affordable housing; and
 (b) you were neither a foreign resident nor a *temporary resident.
total ownership days means the number of days during that *ownership period (see paragraph (2)(d)) of the *dwelling, less the number of days after 8 May 2012 during that ownership period that you were a foreign resident or a *temporary resident.