CGT Determination Number 59
TD 59
Capital Gains: Where a dwelling is erected on pre-CGT land, is an election required under subsection 160ZZQ(5) to get the principal residence exemption for the time during which construction takes place?
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FOI status:
may be releasedFOI number: I 10195481. Yes. Although the land is a pre-CGT asset, the building erected on the land is treated as a separate asset which is acquired post-CGT (subsection 160P(2)). The building is taken to be acquired at the time when the construction contract was made (subsection 160U(3)) or when construction commenced (subsection 160U(5)).
2. The principal residence exemption will not cover all or part of the period before the dwelling is completed, unless the election that subsection 160ZZQ(5) apply, is made.
Commissioner of Taxation
21 May 1992
References
ATO references:
NO CGT Cell PRE
Subject References:
Principal residence exemption;
dwelling on pre-CGT land;
election
Legislative References:
160ZZQ(5);
160P(2);
160U(3);
160U(5)
Date: | Version: | Change: | |
You are here | 21 May 1992 | Original ruling | |
29 November 2006 | Original ruling + note | Repeal provision note | |
17 May 2017 | Withdrawn |