Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

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

Division 118 - Exemptions  

Subdivision 118-B - Main residence  

Rules that may extend the exemption

SECTION 118-160   Destruction of dwelling and sale of land  

118-160(1)  
This section applies if a *dwelling that is your main residence is accidentally destroyed and a *CGT event happens in relation to the land on which it was built without you erecting another dwelling on the land.

118-160(2)  
You can choose to apply this Subdivision to the land as if, from the time of the destruction until your *ownership interest in the land ends, the *dwelling had not been destroyed and were your main residence.

118-160(3)  
If you do so, you cannot treat any other *dwelling as your main residence during that period, except under section 118-140 (about changing main residences).


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