Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 118.110

             (1)  A * capital gain or * capital loss you make from a * CGT event that happens in relation to a * CGT asset that is a * dwelling or your * ownership interest in it is disregarded if:

                     (a)  you are an individual; and

                     (b)  the dwelling was your main residence throughout your * ownership period; and

                     (c)  the interest did not * pass to you as a beneficiary in, and you did not * acquire it as a trustee of, the estate of a deceased person.

Note 1:       You may make a capital gain or capital loss even though you comply with this section if the dwelling was used for the purpose of producing assessable income: see section 118‑190.

Note 2:       There is a separate rule for beneficiaries and trustees of deceased estates: see section 118‑195.

             (2)  Only these * CGT events are relevant:

                     (a)  CGT events A1, B1, C1, C2, E1, E2, F2, I1, I2, K3, K4 and K6 (except one involving the forfeiting of a deposit); and

                     (b)  a CGT event that involves the forfeiting of a deposit as part of an uninterrupted sequence of transactions ending in one of the events specified in paragraph (a) subsequently happening.

Note:          The full list of CGT events is in section 104‑5.