Commonwealth Consolidated Acts

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INCOME TAX ASSESSMENT ACT 1997 - SECT 118.180

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

             (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.

             (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.

Partial exemption rules



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