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
Compulsory acquisitions of adjacent land only
SECTION 118-260 Partial exemption rules 118-260(1)
If section 118-245 applies to a * CGT event, the amount of the * capital gain or * capital loss that you would have made apart from this section from the CGT event is increased by an amount that is reasonable having regard to the following:
(a) the extent that the * dwelling was not a main residence for the relevant period;
(b) the extent that the dwelling was used for the * purpose of producing assessable income during the relevant period.
118-260(2)
In determining what is a reasonable increase, have regard to the principles in this Subdivision applicable to * CGT events happening in relation to a * dwelling or your * ownership interest in it.
View history note
Hide history noteSECTION 118-260 Partial exemption rules 118-260(1)
If section 118-245 applies to a * CGT event, the amount of the * capital gain or * capital loss that you would have made apart from this section from the CGT event is increased by an amount that is reasonable having regard to the following:
(a) the extent that the * dwelling was not a main residence for the relevant period;
(b) the extent that the dwelling was used for the * purpose of producing assessable income during the relevant period.
118-260(2)
In determining what is a reasonable increase, have regard to the principles in this Subdivision applicable to * CGT events happening in relation to a * dwelling or your * ownership interest in it.
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