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 118-250   Compulsory acquisitions of adjacent land  

118-250(1)    


This section applies to the *CGT event and the exempt land if the CGT event involves:


(a) the compulsory *acquisition of the exempt land by:


(i) an *Australian government agency; or

(ii) an entity under a power conferred by an *Australian law; or


(b) you *disposing of the exempt land to an entity in circumstances meeting all of these conditions:


(i) the disposal takes place after a notice was served on you by or on behalf of the entity;

(ii) the notice invited you to negotiate with the entity with a view to the entity acquiring the exempt land by agreement;

(iii) the notice informed you that if the negotiations were unsuccessful, the exempt land would be compulsorily acquired by the entity;

(iv) the compulsory acquisition would have been under a power of compulsory acquisition conferred by an Australian law.
Note:

For paragraph (b), the entity may be an Australian government agency.


118-250(2)    


This section applies to the *CGT event and the exempt land if the CGT event involves:


(a) your *ownership interest in the exempt land being compulsorily cancelled (however described) or varied (however described) by:


(i) an *Australian government agency; or

(ii) an entity under a power conferred by an *Australian law; or


(b) you surrendering (however described) or varying (however described) your ownership interest in the exempt land in circumstances meeting all of these conditions:


(i) the surrender or variation takes place after a notice was served on you by or on behalf of an entity;

(ii) the notice invited you to negotiate with the entity with a view to you agreeing to surrender or vary your ownership interest;

(iii) the notice informed you that if the negotiations were unsuccessful, your ownership interest would be compulsorily cancelled, or varied, under a power conferred by an Australian law.
Note:

For paragraph (b), the entity may be an Australian government agency.


118-250(3)    


This section applies to the *CGT event and the exempt land if the CGT event involves:


(a) an interest or right in or relating to the exempt land being compulsorily conferred on:


(i) an *Australian government agency; or

(ii) an entity under a power conferred by an *Australian law; or


(b) you conferring on an entity an interest or right in or relating to the exempt land in circumstances meeting all of these conditions:


(i) the conferral takes place after a notice was served on you by or on behalf of an entity;

(ii) the notice invited you to negotiate with the entity with a view to you agreeing to confer an interest or right in or relating to the exempt land;

(iii) the notice informed you that if the negotiations were unsuccessful, an interest or right in or relating to the exempt land would be compulsorily conferred on the entity under a power conferred by an Australian law.
Note:

For paragraph (b), the entity may be an Australian government agency.


118-250(4)    


This section applies to the *CGT event and the exempt land if:


(a) your *ownership interest in the exempt land:


(i) was conferred on you by an *Australian government agency; and

(ii) had a limited, but renewable, period of operation; and


(b) the CGT event involves that ownership interest not being renewed by that agency.



View surrounding sectionsView surrounding sectionsBack to top


This information is provided by CCH Australia Limited Link opens in new window. View the disclaimer and notice of copyright.