Taxes Consolidation Act 1997 section 350

Provisions supplementary to sections 346 to 349

Section 350 sets out the supplementary definitions, conditions and procedural rules that underpin the urban renewal residential reliefs in sections 346 to 349.

• Defines "certificate of reasonable cost", "house" and "total floor area" for the purposes of sections 346 to 349.
• Disqualifies leases and houses where the arrangements are not genuinely at arm's length or are entered into with connected persons on non-commercial terms.
• Requires compliance with Department of the Environment standards on construction, improvements and services, and with Urban Renewal Act guidelines.
• Excludes State-funded expenditure, sets rules on when expenditure is treated as incurred, and provides for inspection rights and appeals.