Document ID: chunk:federal_register_of_legislation:C2004C00958:clause:1_3:p10
Version: federal_register_of_legislation:C2004C00958
Segment Type: clause
Provision Reference: sch 1 cl 3 (pt 10/17)
Character Range: 257544–259984

Subdivision applies to land that is adjacent to a *dwelling (if the same *CGT event happens to the land or your *ownership interest in it) to the extent that you used the land primarily for private or domestic purposes in association with the dwelling as if it were a dwelling.

 (2) The maximum area of land covered by the exemption (including the area of the land on which the *dwelling is built) is 2 hectares.

 (3) For a flat or home unit, this Subdivision also applies to a garage, storeroom or other structure that is associated with it (if the same *CGT event happens to the structure or your *ownership interest in it) as if it were a dwelling. However, it so applies only to the extent that you used the structure primarily for private or domestic purposes in association with the flat or home unit.

118‑125  Meaning of ownership period

  Your ownership period of a *dwelling is the period on or after 20 September 1985 when you had an *ownership interest in:

 (a) the dwelling; or

 (b) land (*acquired on or after 20 September 1985) on which the dwelling is later built.

118‑130  Meaning of ownership interest in land or a dwelling

 (1) You have an ownership interest in land or a *dwelling if:

 (a) for land—you have a legal or equitable interest in it or a right to occupy it; or

 (b) for a dwelling that is not a flat or home unit—you have a legal or equitable interest in the land on which it is erected, or a licence or right to occupy it; or

 (c) for a flat or home unit—you have:

 (i) a legal or equitable interest in a *stratum unit in it; or

 (ii) a licence or right to occupy it; or

 (iii) a *share in a company that owns a legal or equitable interest in the land on which the flat or home unit is erected and that gives you to a right to occupy it.

 (2) For land or a *dwelling that you *acquire under a contract, you have an ownership interest in it from:

 (a) the time when you obtain legal ownership of it; or

 (b) if the contract or a related contract gives you a right to occupy it at an earlier time—the earlier time.

 (3) For land or a *dwelling where you have a contract for the happening of the *CGT event, you have an ownership interest in it until your legal ownership of it ends.

Rules that may extend the exemption

118‑135  Moving into a dwelling

  If a *dwelling becomes your main residence by the time it was first practicable for you to move into it after you