Income Tax Assessment Act 1997
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:
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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