Taxation Laws Amendment Act (No. 3) 1997 (147 of 1997)

Schedule 5   Principal residence exemption from CGT

Part 1   Amendment of the Income Tax Assessment Act 1936

Division 3   Dwellings acquired from deceased persons: status of residence at time of death

15   Paragraph 160X(5)(a)

Omit "if the asset was acquired by the deceased person before 20 September 1985 - the asset", substitute:

if:

(i) the deceased person acquired the asset before 20 September 1985; or

(ii) the asset is a dwelling that was, immediately before the person's death, the person's sole or principal residence for the purposes of section 160ZZQ and was not, for the purposes of that section, then being used for the purpose of gaining or producing assessable income;

the asset.