Income Tax Assessment Act 1997
You can ignore a capital gain or capital loss you make from a compulsory acquisition (or similar arrangement) that happens only to land that is adjacent to:
to the extent that the land was used primarily for private or domestic purposes in association with the dwelling.
There is a limit on the maximum area of land covered by the exemption.
The exemption may not apply in full if the dwelling:
The exemption may not apply at all if you are a foreign resident.