INCOME TAX (TRANSITIONAL PROVISIONS) 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 118-195   Exemption - dwelling acquired from deceased estate  

118-195(1)  
This section applies to an entity:


(a) that acquired an ownership interest in a dwelling as trustee of a deceased estate on or before 7.30 pm, by legal time in the Australian Capital Territory, on 20 August 1996; or


(b) to whom an ownership interest in a dwelling passed as a beneficiary in a deceased estate on or before that time.

118-195(2)  
Item 1 in the table in subsection 118-195(1) of the Income Tax Assessment Act 1997 applies to the entity in relation to the dwelling as if that item required the dwelling to be the deceased's main residence throughout the deceased's ownership period.

118-195(3)  
Section 118-192 and subsections 118-190(4) and 118-200(4) do not apply to the entity in relation to the dwelling.




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