Taxation Determination

TD 92/135A - Addendum

Income tax: capital gains: is the principal residence exemption relevant when the proceeds of sale of a dwelling are treated as income under ordinary concepts?

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ADDENDUM

This Addendum amends Taxation Determination TD 92/135 to reflect the rewritten provisions of the Income Tax Assessment Act 1997.

Taxation Determination TD 92/135 is amended as follows:

1. Title

Omit the title; substitute:

Income tax: capital gains: is the main residence exemption relevant when the proceeds of sale of a dwelling are treated as income under ordinary concepts?

2. Paragraph 1

(a)

Omit 'subsection 25(1) of the Income Tax Assessment Act 1936, e.g.';

substitute 'section 6-5 of the Income Tax Assessment Act 1997 (ITAA 1997), for example'.

(b)

Omit 'principal'; substitute 'main'.

3. Paragraph 2

Omit 'principal residence exemption'; substitute 'main residence exemption in Subdivision 118-B of the ITAA 1997'.

4. Example

Omit 'principal'; substitute 'main'.

5. Related Rulings

Omit 'TR92/3'; substitute 'TR 92/3'.

6. Subject references

Omit 'Principal'; substitute 'main'.

7. Legislative references

Omit 'ITAA 160ZZQ'; substitute 'ITAA 1997 6-5; ITAA 1997 Subdiv 118-B'.

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

Commissioner of Taxation
12 May 2010

References

ATO references:
NO 2006/20258

Related Rulings/Determinations:

TD 92/135