CGT Determination Number 59

TD 59W

Capital Gains: Where a dwelling is erected on pre-CGT land, is an election required under subsection 160ZZQ(5) to get the principal residence exemption for the time during which construction takes place?

• Please note that the PDF version is the authorised version of this withdrawal notice.
  TD 59 has been withdrawn under the ATO's Project Refresh initiative. Under Project Refresh, we are reviewing public rulings that have not been updated in more than 5 years. We are retaining, updating, rewriting, consolidating and, where no longer relevant, withdrawing these rulings. Project Refresh is not changing any current ATO views.
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Notice of Withdrawal

Capital Gains Tax Determination TD 59 is withdrawn with effect from today.

1. TD 59 is replaced by Taxation Determination TD 2017/13 Income tax: capital gains: if you build a dwelling on land that you acquired before 20 September 1985 ('pre-CGT'), are you required to make a choice under section 118-150 of the Income Tax Assessment Act 1997 (ITAA 1997)^[1] to get the main residence exemption? which issued on 17 May 2017.

Commissioner of Taxation
17 May 2017

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References

ATO references:
NO 1-9N72KXS

Subject References:
Principal residence exemption;
dwelling on pre-CGT land;
election

Legislative References:
160ZZQ(5);
160P(2);
160U(3);
160U(5)