INCOME TAX ASSESSMENT ACT 1997 - SECT 118.42 Transfer of stratum units

INCOME TAX ASSESSMENT ACT 1997 - SECT 118.42

    If:

  (a)   you own land on which there is a building; and

  (b)   you subdivide the building into * stratum units; and

  (c)   you transfer each unit to the entity who had the right to occupy it just before the subdivision;

a * capital gain or * capital loss you make from transferring the unit is disregarded.