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 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.


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