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
Compulsory acquisitions of adjacent land only
SECTION 118-240 118-240 What the following provisions are about
(a) a dwelling that is your main residence; or
(b) a dwelling that passed to you as a beneficiary, or trustee, of a deceased estate;
(a) was not always a main residence; or
(b) was used for the purpose of producing assessable income.
View history note
Hide history noteSECTION 118-240 118-240 What the following provisions are about
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.
Note 1:
The exemption may not apply in full if the dwelling:
Note 2:
The exemption may not apply at all if you are a foreign resident.
This information is provided by CCH Australia Limited Link opens in new window. View the disclaimer and notice of copyright.