Enhanced deduction for eligible construction expenditure

Relevant Declaration Form

A beneficial owner of a completed development cannot claim the enhanced deduction if they are not a relevant person. If the beneficial owner is not a relevant person, they may submit a Relevant Declaration Form to a relevant contractor.

Definition

A relevant beneficial owner means a beneficial owner of a completed development that is not a relevant person in respect of the completed development.

The Relevant Declaration Form allows the relevant contractor that developed the completed development, to make a claim for the enhanced deduction.

The Relevant Declaration Form must be signed by the relevant beneficial owner, who is referred to as ‘the declarer’, and include:

• the name, address, and Tax Reference Number (TRN) of both the declarer and the relevant contractor
• and
• the address of the completed development and the number of apartments in the completed development.

The Relevant Declaration Form must:

• affirm the declarer is a relevant beneficial owner of the completed development, stating its percentage of ownership
• confirm that the completed development has been developed by the relevant contractor under the terms of a contract between the declarer and the relevant contractor
• confirm the declarer is not a relevant person in respect of the completed development
• and
• confirm that no other relevant declaration has been made by the declarer to any other relevant contractor in respect of the completed development.

Record keeping

The Relevant Declaration Form must be kept for a period of six years from the end of the accounting period of the claim.

If there are more than one relevant beneficial owner, each must complete a Relevant Declaration Form and provide this to the relevant contractor.

Next: How to claim the relief