Taxation Determination

TD 92/172A1 - Addendum

Income tax: capital gains: do the dwellings referred to in subsection 160ZZQ(9) have to be post-CGT assets?

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Addendum

This Addendum amends Taxation Determination TD 92/172 to reflect the rewritten capital gains tax provisions in Part 3-1 of the Income Tax Assessment Act 1997.

TD 92/172 is amended as follows:

1. Title

Omit the title; substitute:

Income tax: capital gains: do the dwellings referred to in subsection 118-170(1) of the Income Tax Assessment Act 1997 have to be post-CGT assets?

2. Paragraph 1

(a) Omit 'Subsection 160ZZQ(9)'; substitute 'Subsection 118-170(1) of the Income Tax Assessment Act 1997 (ITAA 1997)^[1]'.

(b) Omit 'sole or principal'; substitute 'main'.

3. Example

Omit the example (including heading); substitute:

Example

2. 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 husband and wife can choose the post-CGT house as their main residence under paragraph 118-170(1)(a).

3. Note: in this case, the spouses are not living separately and apart on a permanent basis (subsection 118-170(1)).

4. Related Determinations

Omit 'TD 92/173; '.

5. Subject References

Omit 'Principal residence exemption'; substitute 'CGT main residence exemption'.

6. Legislative References

Omit the legislative references; substitute:

ITAA 1997 118-170(1); ITAA 1997 118-170(1)(a)

This Addendum applies from 14 September 2006, the date of effect of the repeal of the former capital gains tax provisions in Part IIIA of the Income Tax Assessment Act 1936 by the Tax Laws Amendment (Repeal of Inoperative Provisions) Act 2006.

Commissioner of Taxation
17 March 2010

References

ATO references:
NO 2006/20258