Regulations and Determinations

The majority voted against Senator's Bragg's motion:

That the Tax Assessment (Build to Rent Developments) Determination 2024, made under the Income Tax Assessment Act 1997, be disallowed [F2024L01729].

This means the determination remains in force.

What does the determination do?

According to its explanatory memorandum:

The purpose of the Income Tax Assessment (Build to Rent Developments) Determination 2024 (the Instrument) is to determine requirements for a dwelling to be an affordable dwelling for the purposes of the BTR [build to rent] development receiving the tax concession. The Instrument requires:

• the rent payable under the lease for the dwelling must be 74.9 per cent or less of the market value of the right to occupy the dwelling under that lease (i.e. the rent otherwise payable for that dwelling in an open market); and

• the dwelling must be tenanted, or made available to be tenanted, only to a tenant or prospective tenant that satisfies the applicable income threshold.