40‑70 Supplies of residential premises b40‑70 Supplies of residential premises by way of long‑term lease

40‑70 Supplies of residential premises by way of long‑term lease

(1) A supply is input taxed if: (a) the supply is of *real property but only to the extent that the property is *residential premises to be used predominantly for residential accommodation (regardless of the term of occupation); and (b) the supply is by way of *long‑term lease. (2) However, the supply is not input taxed to the extent that the *residential premises are: (a) *commercial residential premises; or (b) *new residential premises other than those used for residential accommodation (regardless of the term of occupation) before 2 December 1998.