Taxation Determination
TD 92/172
Income tax: capital gains: do the dwellings referred to in subsection 160ZZQ(9) have to be post-CGT assets?
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FOI status:
may be releasedFOI number: I 1213454This Determination, to the extent that it is capable of being a 'public ruling' in terms of Part IVAAA of the Taxation Administration Act 1953, is a public ruling for the purposes of that Part. Taxation Ruling TR 92/1 explains when a Determination is a public ruling and how it is binding on the Commissioner. Unless otherwise stated, this Determination applies to years commencing both before and after its date of issue. |
1. No. Subsection 160ZZQ(9) does not require that the dwellings be post-CGT assets. The subsection merely requires that each spouse has a separate dwelling which is his or her sole or principal residence.
Example:
A husband and wife jointly own both a pre-CGT house (occupied by the wife) and a post-CGT house (occupied by the husband). The wife can nominate her interest in the post-CGT house as her sole or principal residence under subsection 160ZZQ(9).
Assuming the husband nominates his interest in the post-CGT house as his sole or principal residence, full exemption will be available under subsection 160ZZQ(12).
Note: In this case, the spouses are not living separately and apart on a permanent basis (subsection 160K(2)).
Commissioner of Taxation
22/10/92
Previously Draft TD 92/D149
References
ATO references:
NO CGT Cell PRE
Related Rulings/Determinations:
TD92173;
TD92174
Subject References:
Principal residence exemption;
interests in dwelling
Legislative References:
ITAA160ZZQ(9);
ITAA160ZZQ(12);
ITAA 160K(2)
Date: | Version: | Change: | |
You are here | 22 October 1992 | Original ruling | |
29 November 2006 | Original ruling + note | Repeal provision note | |
17 March 2010 | Consolidated ruling | Addendum |