Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-1 - CAPITAL GAINS AND LOSSES: GENERAL TOPICS  

Division 118 - Exemptions  

Subdivision 118-B - Main residence  

SECTION 118-100   What this Subdivision is about  


You can ignore a capital gain or capital loss you make from a CGT event that happens to a dwelling that is your main residence.

However, this exemption may not apply if you are a foreign resident, and may not apply in full if:

  • • it was your main residence during part only of your ownership period; or
  • • it was used for the purpose of producing assessable income.
  • There are special rules for dwellings passed from, or owned by a trustee of, a deceased estate.

    There is a similar exemption for a CGT event that is a compulsory acquisition (or similar arrangement) happening to adjacent land but not also to the dwelling itself.


    View surrounding sectionsView surrounding sectionsBack to top


    This information is provided by CCH Australia Limited Link opens in new window. View the disclaimer and notice of copyright.