sec.58EEligible BTR developments

sec.58E Eligible BTR developments

A build to rent development is an eligible BTR development , for a financial year, if during the previous financial year the build to rent development— was comprised of at least 50 dwellings that met the requirements under subdivision 3 ; and met the discounted rent housing requirements under subdivision 4 ; and was used solely or primarily for residential purposes. See also section 58ZC for how these requirements apply if the first or only building comprising a build to rent development becomes suitable for occupation before 1 January in a financial year. Despite subsection (1) , a build to rent development may be an eligible BTR development only if the requirements mentioned in subsection (1) are satisfied by 30 June in the financial year that ends 2 years after the end of the financial year during which the first or only building comprising the development becomes suitable for occupation. The first building comprising a build to rent development becomes suitable for occupation on 1 August 2025. The requirements mentioned in subsection (1) must be satisfied by 30 June 2028 for the build to rent development to be an eligible BTR development. If a build to rent development is a staged development— for this section and subdivisions 3 and 4 , a dwelling is taken to be part of the development only if— the dwelling is in a completed stage of the development; and at least 12 months have passed since the last day of the month in which the stage of the development became a completed stage; and subsection (2) applies only in relation to the first completed stage of the development. In this section— completed stage , of a staged development, means a building or part of a building comprising a stage of the development that is suitable for occupation. s 58E ins 2023 No. 18 s 12 (sec.58E-ssec.1) A build to rent development is an eligible BTR development , for a financial year, if during the previous financial year the build to rent development— was comprised of at least 50 dwellings that met the requirements under subdivision 3 ; and met the discounted rent housing requirements under subdivision 4 ; and was used solely or primarily for residential purposes. See also section 58ZC for how these requirements apply if the first or only building comprising a build to rent development becomes suitable for occupation before 1 January in a financial year. (sec.58E-ssec.2) Despite subsection (1) , a build to rent development may be an eligible BTR development only if the requirements mentioned in subsection (1) are satisfied by 30 June in the financial year that ends 2 years after the end of the financial year during which the first or only building comprising the development becomes suitable for occupation. The first building comprising a build to rent development becomes suitable for occupation on 1 August 2025. The requirements mentioned in subsection (1) must be satisfied by 30 June 2028 for the build to rent development to be an eligible BTR development. (sec.58E-ssec.3) If a build to rent development is a staged development— for this section and subdivisions 3 and 4 , a dwelling is taken to be part of the development only if— the dwelling is in a completed stage of the development; and at least 12 months have passed since the last day of the month in which the stage of the development became a completed stage; and subsection (2) applies only in relation to the first completed stage of the development. (sec.58E-ssec.4) In this section— completed stage , of a staged development, means a building or part of a building comprising a stage of the development that is suitable for occupation.