Document ID: chunk:federal_register_of_legislation:C2025C00029:section:3:p29
Version: federal_register_of_legislation:C2025C00029
Segment Type: section
Provision Reference: s 3 (pt 29/29)
Character Range: 2268572–2271032

a *CGT event happening in relation to a *dwelling or your *ownership interest in it because the dwelling was used for the *purpose of producing assessable income during your *ownership period; and
 (aa) that use occurred for the first time after 7.30 pm, by legal time in the Australian Capital Territory, on 20 August 1996; and
 (b) you would have got a full exemption under this Subdivision if the CGT event had happened just before the first time (the income time) it was used for that purpose during your ownership period.
 (2) You are taken to have *acquired the *dwelling or your *ownership interest at the income time for its *market value at that time.
 (3) If your *ownership interest in the *dwelling *passed to you as a beneficiary in a deceased estate, or you owned it as the trustee of a deceased estate and the *CGT event did not happen within 2 years of the deceased's death, you apply this Subdivision as if:
 (a) you had *acquired the interest as an individual and not as a beneficiary or trustee of a deceased estate; and
 (b) for applying the formula in section 118‑185, your non‑main residence days were the number of days in your *ownership period when the dwelling was not the main residence of an individual referred to in item 2, column 3 of the table in section 118‑195.
Note: There are special rules for dwellings acquired before 7.30 pm on 20 August 1996: see section 118‑195 of the Income Tax (Transitional Provisions) Act 1997.

Dwellings acquired from deceased estates

118‑195  Dwelling acquired from a deceased estate
 (1) A *capital gain or *capital loss you make from a *CGT event that happens in relation to a *dwelling or your *ownership interest in it is disregarded if:
 (a) you are an individual and the interest *passed to you as a beneficiary in a deceased estate, or you owned it as the trustee of a deceased estate; and
 (b) at least one of the items in column 2 and at least one of the items in column 3 of the table are satisfied; and
 (c) the deceased was not an *excluded foreign resident just before the deceased's death.

Beneficiary or trustee of deceased estate acquiring interest
Item                                                          One of these items is satisfied                                                                                                                                                                                                                And also one of these items