Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-1 - CAPITAL GAINS AND LOSSES: GENERAL TOPICS  

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History

Pt 3-1 inserted by No 46 of 1998.

Division 118 - Exemptions  

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History

Div 118 inserted by No 46 of 1998.

Subdivision 118-B - Main residence  

Compulsory acquisitions of adjacent land only

SECTION 118-240  

118-240   What the following provisions are about  

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You can ignore a capital gain or capital loss you make from a compulsory acquisition (or similar arrangement) that happens only to land that is adjacent to:

(a) a dwelling that is your main residence; or

(b) a dwelling that passed to you as a beneficiary, or trustee, of a deceased estate;

to the extent that the land was used primarily for private or domestic purposes in association with the dwelling.

There is a limit on the maximum area of land covered by the exemption.

Note 1:

The exemption may not apply in full if the dwelling:

(a) was not always a main residence; or

(b) was used for the purpose of producing assessable income.

Note 2:

The exemption may not apply at all if you are a foreign resident.

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History

S 118-240 amended by No 129 of 2019, s 3 and Sch 1 items 27 and 28, by substituting " Note 1 " for " Note " in the note and inserting note 2, effective 1 January 2020 and applicable in relation to CGT events happening at or after 7.30 pm, by legal time in the Australian Capital Territory, on 9 May 2017.

S 118-240 inserted by No 61 of 2011, s 3 and Sch 3 item 6, effective 29 June 2011. For application provisions see note under s 118-100 .

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