12‑450 Meaning of MIT residential housin12‑450 Meaning of MIT residential housing income

#### 12‑450 Meaning of MIT residential housing income (1) This section applies if: (a) an amount is included in the assessable income for an income year of a \*managed investment trust in relation to the income year (worked out for the purposes of determining the trust’s \*net income, or in the case of an \*AMIT, the trust’s total assessable income, for the income year); and (b) the amount mentioned in paragraph (a) is not an amount mentioned in paragraph 12‑405(1)(a), (b), (c), (d) or (e). (2) The amount is MIT residential housing income of the \*managed investment trust to the extent that it is attributable to a \*residential dwelling asset (whether or not held by the managed investment trust). Asset used to provide affordable housing (3) The amount is not MIT residential housing income of the \*managed investment trust under subsection (2) to the extent that it is referable to the use of the \*residential dwelling asset to \*provide affordable housing. (4) If the amount is, or is attributable to, a \*capital gain from a \*CGT event, subsection (3) applies only if: (a) the entity that held the \*residential dwelling asset just before the time (the CGT event time) when the CGT event happened had held it for at least 3,650 days (consecutive or not); and (b) each of those days satisfies the following requirements: (i) the day is on or after 1 July 2017 and before the CGT event time; (ii) the residential dwelling asset was used on the day to \*provide affordable housing. Income from a build to rent development (5) Subject to subsection (7), the amount is not MIT residential housing income of the \*managed investment trust under subsection (2) to the extent any of the following paragraphs applies to the amount in relation to a \*dwelling of an \*active build to rent development: (a) the amount is, or is referable to, a payment of rental income under a lease of the dwelling; (b) the amount is, or is attributable to, a \*capital gain from a \*CGT event in relation to the dwelling; (c) all of the following subparagraphs apply: (i) the amount is, or is attributable to, a part of a capital gain from a CGT event in relation to a \*membership interest in an entity; (ii) just before the time of the CGT event, all or part of the \*market value of the membership interest is referable to the dwelling; (iii) subsection (6) applies to the part of the capital gain. (6) This subsection applies to the part of a \*capital gain mentioned in paragraph (5)(c) worked out as follows:  where: > value of the interest in the dwelling means so much of the value of the membership interest as is referable to the \*dwelling. > value of the membership interest means the \*market value of the \*membership interest just before the time of the \*CGT event. (7) Subsection (5) does not apply to an amount if: (a) the \*build to rent compliance period for each of the \*dwellings of the \*active build to rent development has ended; and (b) assuming that the build to rent compliance period for each of the dwellings had not ended, the active build to rent development would have \*ceased to be an active build to rent development.