Commonwealth Consolidated Acts Commonwealth Consolidated ActsYou 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.
Table of sections
118‑ 105 Map of this Subdivision
Basic case and concepts
118‑110 Basic case
118‑115 Meaning of dwelling
118‑120 Extension to adjacent land
118‑125 Meaning of ownership period
118‑130 Meaning of ownership interest in land or a dwelling
Rules that may extend the exemption
118‑135 Moving into a dwelling
118‑140 Changing main residences
118‑145 Absences
118‑150 If you build, repair or renovate a dwelling
118‑155 Where individual referred to in section 118‑150 dies
118‑160 Destruction of dwelling and sale of land
Rules that may limit the exemption
118‑165 Separate CGT event for adjacent land or other structures
118‑170 Spouse having different main residence
118‑175 Dependent child having different main residence
Roll‑overs under Subdivision 126‑A
118‑178 Previous roll‑over under Subdivision 126‑A
118‑180 Acquisition of dwelling from company or trust on marriage breakdown--roll‑over provision applying
Partial exemption rules
118‑185 Partial exemption where dwelling was your main residence during part only of ownership period
118‑190 Use of dwelling for producing assessable income
118‑192 Special rule for first use to produce income
Dwellings acquired from deceased estates
118‑195 Dwelling acquired from a deceased estate
118‑197 Special rule for surviving joint tenant
118‑200 Partial exemption for deceased estate dwellings
118‑205 Adjustment if dwelling inherited from deceased individual
118‑210 Trustee acquiring dwelling under will
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