Taxation Laws Amendment Act (No. 3) 1997 (147 of 1997)

Schedule 5   Principal residence exemption from CGT

Part 2   Application

34   Application

(1) The amendments made by Divisions 1 and 2 of Part 1 apply to disposals of dwellings after 7.30 pm, by legal time in the Australian Capital Territory, on 20 August 1996.

(2) The amendments made by Division 3 of Part 1 apply to assets that pass to the legal personal representative of a deceased person, to a beneficiary in the estate of a deceased person or to a trustee of the estate of a deceased person, after 7.30 pm, by legal time in the Australian Capital Territory, on 20 August 1996.

(3) The amendments made by Division 4 of Part 1 apply to a dwelling owned by a taxpayer if:

(a) for the first time since the taxpayer acquired the dwelling, it is used for the purpose of gaining or producing assessable income; and

(b) that time is after 7.30 pm, by legal time in the Australian Capital Territory, on 20 August 1996.