FB 3A Residential land
When this section applies

(1)

This section applies for the purposes of section CB 6A (Disposal within 2 years: bright-line test for residential land) and Part D (Deductions) when residential land is transferred on a settlement of relationship property.

Transfer at cost

(2)

The transfer is treated as a disposal and acquisition for an amount that equals the total cost of the residential land to the transferor at the date of transfer.

Date of acquisition

(3)

The transferee is treated as having acquired property in the residential land on the relevant date, for the transferor’s acquisition, in section CB 6A(1) to (4).

Defined in this Act: date of transfer, dispose, residential land, settlement of relationship property

Section FB 3A: inserted (with effect on 1 October 2015 and applying to a person’s disposal of residential land if the date that the person first acquires an estate or interest in the residential land is on or after that date), on 16 November 2015, by section 12(1) of the Taxation (Bright-line Test for Residential Land) Act 2015 (2015 No 111).

Section FB 3A(3): amended (with effect on 1 October 2015 and applying to a person’s disposal of residential land if the date that the person first acquires an estate or interest in the residential land is on or after that date), on 13 May 2016, by section 42(1) of the Taxation (Residential Land Withholding Tax, GST on Online Services, and Student Loans) Act 2016 (2016 No 21).