Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-3 - CAPITAL GAINS AND LOSSES: SPECIAL TOPICS  

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History

Part 3-3 inserted by No 46 of 1998.

Division 137 - Granny flat arrangements  

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History

Div 137 inserted by No 72 of 2021, s 3 and Sch 3 item 1, applicable in relation to events: (a) that happen on or after 1 July 2021; and (b) that, apart from that Division, would be CGT events; (whether the arrangements to which the events relate were entered into before, on or after 1 July 2021).

Subdivision 137-A - When CGT events do not happen  

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History

Subdiv 137-A inserted by No 72 of 2021, s 3 and Sch 3 item 1, applicable in relation to events: (a) that happen on or after 1 July 2021; and (b) that, apart from that Division, would be CGT events; (whether the arrangements to which the events relate were entered into before, on or after 1 July 2021).

Operative provisions

SECTION 137-25  

137-25   CGT event does not happen when a certain kind of granny flat arrangement is terminated  

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A *CGT event does not happen, to the extent that it relates to terminating a *granny flat interest in a *dwelling under an *arrangement by terminating the arrangement, if:

(a)    section 137-15 applied so that a CGT event did not happen when the arrangement was entered into; or

(b)    section 137-20 applied so that a CGT event did not happen when the arrangement was varied.

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History

S 137-25 inserted by No 72 of 2021, s 3 and Sch 3 item 1, applicable in relation to events: (a) that happen on or after 1 July 2021; and (b) that, apart from that Division, would be CGT events; (whether the arrangements to which the events relate were entered into before, on or after 1 July 2021).

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