Taxation Laws Amendment Act (No. 3) 1997 (Repealed) (147 of 1997)

Schedule 5   Principal residence exemption from CGT

Part 1   Amendment of the Income Tax Assessment Act 1936

Division 2   Dwellings acquired from deceased persons: partial exemptions from CGT

7   Subsection 160ZZQ(17) (formula, definition of B )

Repeal the definition, substitute:

B is the sum of the following:

(d) the number of days (if any) in the relevant period during which the taxpayer owned the dwelling (disregarding section 160X), but the dwelling was not the taxpayer's sole or principal residence;

(e) if the deceased person acquired the dwelling on or after 20 September 1985 - the number of days (if any) in the period during which the deceased person owned the dwelling, but the dwelling was not the deceased person's sole or principal residence;

(f) the number of days (if any) in the period mentioned in paragraph (13)(d) during which the dwelling was not the sole or principal residence of any of the persons mentioned in subparagraphs (13)(d)(i) and (ii).