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  

Basic case and concepts

SECTION 118-130   Meaning of ownership interest in land or a dwelling  

118-130(1)  
You have an ownership interest in land or a *dwelling if:


(a) for land - you have a legal or equitable interest in it or a right to occupy it; or


(b) for a dwelling that is not a flat or home unit - you have a legal or equitable interest in the land on which it is erected, or a licence or right to occupy it; or


(c) for a flat or home unit - you have:


(i) a legal or equitable interest in a *stratum unit in it; or

(ii) a licence or right to occupy it; or

(iii) a *share in a company that owns a legal or equitable interest in the land on which the flat or home unit is erected and that gives you to a right to occupy it.

118-130(2)  
For land or a *dwelling that you *acquire under a contract, you have an ownership interest in it from:


(a) the time when you obtain legal ownership of it; or


(b) if the contract or a related contract gives you a right to occupy it at an earlier time - the earlier time.

118-130(3)  
For land or a *dwelling where you have a contract for the happening of the *CGT event, you have an ownership interest in it until your legal ownership of it ends.


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