Document ID: chunk:federal_register_of_legislation:C2004C00958:clause:1_3:p14
Version: federal_register_of_legislation:C2004C00958
Segment Type: clause
Provision Reference: sch 1 cl 3 (pt 14/17)
Character Range: 266990–269592

period.

 (2) If you nominate the different *dwellings as your main residences for the period, you split the exemption in accordance with subsections (3) and (4).

 (3) If your interest in the *dwelling you chose was not, during the period, more than half of the total interests in the dwelling, the dwelling is taken to have been your main residence during the period. Otherwise, the dwelling is taken to have been your main residence for half of the period.

 (4) If your *spouse's interest in the *dwelling your spouse chose was not, during the period, more than half of the total interests in the dwelling, the dwelling is taken to have been your spouse's main residence during the period. Otherwise, the dwelling is taken to have been your spouse's main residence for half of the period.

Example: You and your spouse own a town house as tenants in common in equal shares. You and your spouse also own a beach house as tenants in common, with your interest being 30% and your spouse's 70%. From 1 July 1999, you live mainly in the town house and your spouse lives mainly in the beach house. On 1 July 2000 you and your spouse dispose of both dwellings.

 For the period 1 July 1999‑30 June 2000 you nominate the town house as your main residence and your spouse nominates the beach house. The town house is taken to be your main residence during the period. The beach house is taken to be your spouse's main residence during half the period.

118‑175  Dependent child having different main residence

  If, at a particular time, a *dwelling is your main residence and another *dwelling is the main residence of a *child of yours who is under 18 and is dependent on you for economic support, you must choose one of them as the main residence of both of you.

118‑180  Acquisition of dwelling from company or trust on marriage breakdown—roll‑over provision applying

 (1) This Subdivision applies to you as if you owned an *ownership interest in land or a dwelling during a period when it was actually owned by a company or trustee if:

 (a) you *acquired the interest from the company or trustee; and

 (b) it was acquired by the company or trustee on or after 20 September 1985 ; and

 (c) a roll‑over was available to the company or trustee under Subdivision 126‑A.

 (2) If subsection (1) applies to a *dwelling, it cannot be treated as your main residence during the period, despite other provisions of this Subdivision that would allow you to treat it as your main residence during the period.

Partial exemption rules

118‑185  Partial exemption where dwelling was your main