Taxation Determination
TD 92/174
Income tax: capital gains : how does subsection 160ZZQ(9) interact with subsection 160ZZQ(11)?
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Please note that the PDF version is the authorised version of this ruling.This document incorporates revisions made since original publication. View its history and amending notices, if applicable.
FOI status:
may be releasedFOI number: I 1213480This 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. A dwelling nominated under subsection 160ZZQ(9) may be one which is deemed to be a person's sole or principal residence because of subsection 160ZZQ(11).
Example:
A husband and wife own a pre-CGT house which they both occupy. Due to a change in employment, the husband moves to another town and they acquire another (post-CGT) house on 1 July 1990. The husband occupies this house for 2 years during the course of his employment contract. On 1 July 1992, he returns to the pre-CGT house which he then continues to occupy with his wife.
To obtain a sole or principal residence exemption on disposal of the post-CGT house, both husband and wife would need to make a nomination under subsection 160ZZQ(9) to cover the period 1 July 1990 until disposal. The husband would also need to make a subsection 160ZZQ(11) election in respect of the period 1 July 1992 until disposal. Unless the subsection 160ZZQ(11) election in respect of the post-CGT house is made by the husband to deem it to be his sole or principal residence from 1 July 1992, that house could not continue to be nominated under subsection 160ZZQ(9) by both husband and wife as their sole or principal residence.
Commissioner of Taxation
22/10/92
Previously Draft TD 92/D151
References
ATO references:
NO CGT Cell PRE
Related Rulings/Determinations:
TD92172;
TD92173
Subject References:
Principal residence exemption;
nominated dwellings
Legislative References:
ITAA 160ZZQ(9);
ITAA160ZZQ(11)
Date: | Version: | Change: | |
You are here | 22 October 1992 | Original ruling | |
29 November 2006 | Original ruling + note | Repeal provision note | |
10 March 2010 | Consolidated ruling | Addendum |