Taxation Determination TD 92/171







[ Note: This is a consolidated version of this document. Refer to the Tax Office Legal Database (http://law.ato.gov.au) to check its currency and to view the details of all changes.] | 1. Yes. The exemption is available provided the following requirements of subsections sections 118-120 and 118-165 of the Income Tax Assessment Act 1997 are satisfied: | Example: Tom and Mary purchase a home in 1987 and occupy it as their main residence. The home has never been used for income producing purposes. | In 1989, they purchase the vacant block of land that adjoins the land on which their dwelling is situated and construct a private swimming pool. The total of the area of adjacent land and the area of the land on which the home is situated is less than 2 hectares. In 2001, they enter into a contract to sell the home with the adjoining block. | A full main residence exemption is available. | Commissioner of Taxation 22/10/92 | Previously Draft TD 92/D152


Legislative references: ITAA 1997 118-120 ITAA 1997 118-165
Subject references: CGT main residence exemption adjacent land