Taxation Determination

TD 92/158A1 - Addendum

Income tax: capital gains: can the following comprise a 'dwelling' and therefore be eligible for exemption as a sole or principal residence:

(i)

a structure built underground?

(ii)

a yacht?

(iii)

a tent?

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Addendum

TD 92/158 is amended as follows:

1. Title

Omit 'sole or principal'; substitute 'main'.

2. Paragraph 1

Omit the paragraph; substitute:

1. The meaning of 'dwelling' is defined in section 118-115 of the Income Tax Assessment Act 1997 (ITAA 1997). A 'dwelling' includes:

•

a unit of accommodation that is a building or is contained in a building and consists wholly or mainly of residential accommodation; and

•

a unit of accommodation that is a caravan, houseboat or other mobile home; and

•

any land immediately under the unit of accommodation.

However, except as provided in section 118-120 of the ITAA 1997, a dwelling does not include any land adjacent to a building.

3. Paragraph 4

Omit 'subsection 160ZZQ(1)'; substitute 'section 118-115 of the ITAA 1997'.

4. Note

(a) Omit 'sole or principal'; substitute 'main'.

(b) Omit '(CGT Determination TD 51)'.

5. Related Determinations

Omit 'TD 51'.

6. Subject References

(a) Omit 'principal residence exemption;' and 'underground structure; yacht; tent'.

(b) Insert 'main residence exemption'.

7. Legislative References

(a) Omit 'ITAA 160ZZQ(1)'.

(b) Insert 'ITAA 1997 118-115; ITAA 1997 118-120'.

This Addendum applies from 14 September 2006, the date of effect of the repeal of the former capital gains tax provisions in Part IIIA of the Income Tax Assessment Act 1936 by Tax Laws Amendment (Repeal of Inoperative Provisions) Act 2006.

Commissioner of Taxation
21 April 2010

References

ATO references:
NO 2006/20258