Income Tax Assessment Act 1997
View history note
Hide history noteSECTION 118-178 Previous roll-over under Subdivision 126-A 118-178(1)
This section applies to you if:
(a) you *acquired an *ownership interest in a *dwelling from another person (your former partner ) as a result of a *CGT event (the earlier event ); and
(b) your former partner acquired the ownership interest on or after 20 September 1985; and
(c) there was a roll-over under Subdivision 126-A (marriage or relationship breakdown roll-over) for the earlier event; and
(d) a CGT event (the later event ) happens in relation to the ownership interest.
118-178(2)
This Subdivision applies to the later event in the way that it would if:
(a) your *ownership interest had commenced when your former partner ' s ownership interest commenced (the acquisition time ); and
(b) from the acquisition time until the time your former partner ' s ownership interest ended:
(i) you had used the *dwelling in the same way that your former partner used it; and
EXAMPLES
(ii) the dwelling had been your main residence for the same number of days as it was your former partner ' s main residence.
Example 1:
Peter (the transferor spouse) is the 100% owner of a dwelling that he uses only as a main residence before transferring it to Susan (the transferee spouse). Susan uses the dwelling only as a rental property.
Susan will be eligible for a partial main residence exemption having regard to how both Peter and Susan used the dwelling if, at the time the dwelling is sold, Susan is an Australian resident.
Example 2:
Caroline (the transferor spouse) is the 100% owner of a dwelling that she uses only as a rental property before transferring it to David (the transferee spouse). David uses the dwelling only as a main residence.
David will be eligible for only a partial main residence exemption having regard to how both Caroline and David used the dwelling if, at the time the dwelling is sold, David is an Australian resident.
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