Commonwealth Consolidated Acts

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INCOME TAX ASSESSMENT ACT 1997 - SECT 118.255

Maximum exempt area

    Your maximum exempt area for the * CGT event and the * dwelling is 2 hectares less the amount worked out as follows:

Method statement

Step 1.   Identify each earlier * CGT event (if any) that:

  (a)   happened in relation to land that was part of the * dwelling's * adjacent land at the time of the earlier CGT event, or happened in relation to your * ownership interest in that land at that time; and

  (b)   resulted in you losing rights to the substantial use and enjoyment of that land either completely or for at least 10 years;

  for which you made a * capital gain or * capital loss that was wholly or partly disregarded because of the application of subsection   118 - 245(2).

Step 2.   For each earlier * CGT event covered by step 1, work out the area of the exempt land for that application of subsection   118 - 245(2).

Step 3.   Add the results from step 2 to the area of the land immediately under the * dwelling.



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