Income Tax Assessment Act 1997
CHAPTER 3
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SPECIALIST LIABILITY RULES
PART 3-1
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CAPITAL GAINS AND LOSSES: GENERAL TOPICS
Division 118
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Exemptions
Subdivision 118-B
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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).
View history note
Hide history noteSECTION 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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