Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-1 - CAPITAL GAINS AND LOSSES: GENERAL TOPICS  

Division 118 - Exemptions  

Subdivision 118-A - General exemptions  

Exempt or loss-denying transactions

SECTION 118-42   118-42   Transfer of stratum units  
If:

(a) you own land on which there is a building; and

(b) you subdivide the building into *stratum units; and

(c) you transfer each unit to the entity who had the right to occupy it just before the subdivision;

a *capital gain or *capital loss you make from transferring the unit is disregarded.