Introduction Details of the Sections Section 128 – Demolition and replacement: new dwellings
177.Subsection (1) applies subsection (2) if new dwellings are built on the site of the old dwelling after its demolition.
178.Subsection (2) states that a person’s single-dwelling interest in new dwelling comes into existence at the point when the rebuilding is completed on the assumption that the old dwelling has ceased to exist.
179.Subsection (3) defines the valuation date of a single-dwelling interest in a new dwelling as the day after the rebuilding is completed.
180.Subsection (4) provides further definitions for the terms in subsection (1).
181.Subsection (5) confirms that reference to when rebuilding is complete is the earlier of completion day or the day the last of the new dwellings is first occupied.
182.Subsection (6) defines the reference to completion day in subsection (5) as the day on which the new dwelling or all new dwellings are treated as having come into existence for the purposes of the legislation listed in this subsection.
183.Subsection (7) provides that references to “a building” also include a part of a building.