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  

Roll-overs under Subdivision 126-A

SECTION 118-180   Acquisition of dwelling from company or trust on marriage or relationship breakdown - roll-over provision applying  

118-180(1)    
This Subdivision applies to you as if you owned an *ownership interest in land or a dwelling during a period when it was actually owned by a company or trustee if:

(a) you *acquired the interest from the company or trustee; and

(b) it was acquired by the company or trustee on or after 20 September 1985; and

(c) a roll-over was available to the company or trustee under Subdivision 126-A .

118-180(2)    
If subsection (1) applies to a *dwelling, it cannot be treated as your main residence during the period, despite other provisions of this Subdivision that would allow you to treat it as your main residence during the period.