Taxes Consolidation Act 1997 section 372AI

Provisions supplementary to sections 372AE to 372AH

Section 372AI provides the supplementary definitions, restrictions and procedural rules that apply across sections 372AE to 372AH, which give income tax relief for expenditure on residential accommodation under various urban renewal schemes.

• Defines key terms including certificate of compliance, certificate of reasonable cost, house and total floor area.
• Disqualifies leases or premises where the arrangements are non-arm's length or allow the lessee to acquire an interest at an undervalue.
• Requires the property to meet Minister for the Environment standards on construction, refurbishment and urban renewal guidelines.
• Sets out what counts as construction expenditure, when it is treated as incurred, and the appeal rights available to claimants.