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
Basic case and concepts
SECTION 118-130 Meaning of ownership interest in land or a dwelling 118-130(1)
You have an ownership interest in land or a * dwelling if:
(a) for land - you have a legal or equitable interest in it or a right to occupy it; or
(b) for a dwelling that is not a flat or home unit - you have a legal or equitable interest in the land on which it is erected, or a licence or right to occupy it; or
(c) for a flat or home unit - you have:
118-130(2)
For land or a * dwelling that you * acquire under a contract, you have an ownership interest in it from:
(a) the time when you obtain legal ownership of it; or
(b) if the contract or a related contract gives you a right to occupy it at an earlier time - the earlier time.
118-130(3)
For land or a * dwelling where you have a contract for the happening of the * CGT event, you have an ownership interest in it until your legal ownership of it ends.
View history note
Hide history noteSECTION 118-130 Meaning of ownership interest in land or a dwelling 118-130(1)
You have an ownership interest in land or a * dwelling if:
(a) for land - you have a legal or equitable interest in it or a right to occupy it; or
(b) for a dwelling that is not a flat or home unit - you have a legal or equitable interest in the land on which it is erected, or a licence or right to occupy it; or
(c) for a flat or home unit - you have:
(i) a legal or equitable interest in a * stratum unit in it; or
(ii) a licence or right to occupy it; or
(iii) a * share in a company that owns a legal or equitable interest in the land on which the flat or home unit is erected and that gives you to a right to occupy it.
118-130(2)
For land or a * dwelling that you * acquire under a contract, you have an ownership interest in it from:
(a) the time when you obtain legal ownership of it; or
(b) if the contract or a related contract gives you a right to occupy it at an earlier time - the earlier time.
118-130(3)
For land or a * dwelling where you have a contract for the happening of the * CGT event, you have an ownership interest in it until your legal ownership of it ends.