(1) Chapter 8 of Part 10 of the Principal Act is amended -

(a) in section 372L -

(i) by the insertion before the definition of "qualifying period" of the following:

" 'property developer' means a person carrying on a trade which consists wholly or mainly of the construction or refurbishment of building or structures with a view to their sale;", and

(ii) in the definition of "qualifying period", by the substitution of "31 December 2002" for "the 31st day of December, 2001" in each place where it occurs,

(b) in section 372M, in subsection (2)(d), by the substitution of "50 per cent" for "25 per cent",

(c) in section 372N -

(i) in subsection (2)(a), by the substitution of "subsections (3) to (5) " for "subsections (3) to (6B) ",

(ii) in subsection (4)(b)  -

(I) in subparagraph (i) by the deletion of "and", and

(II) by the substitution of the following subparagraphs for subparagraph (ii):