Document ID: chunk:federal_register_of_legislation:C2024C00267:section:8:p24
Version: federal_register_of_legislation:C2024C00267
Segment Type: section
Provision Reference: s 8 (pt 24/48)
Character Range: 287463–290114

118‑24A  Pilot plant
 (1) Disregard a capital gain or capital loss you make from a CGT event happening in relation to pilot plant, as defined in former subsection 73B(1) of the Income Tax Assessment Act 1936:
 (a) if the CGT event happens after 11.45 am, by legal time in the Australian Capital Territory, on 21 September 1999; or
 (b) if:
 (i) the CGT event is CGT event A1 (disposal of a CGT asset); and
 (ii) the time of the event is when you entered into the contract for the disposal of the CGT asset; and
 (iii) the change of ownership constituting the disposal occurred after 11.45 am, by legal time in the Australian Capital Territory, on 21 September 1999.
 (2) However, subsection (1) does not apply to assessments for the 2001‑2002 income year and later income years.

Subdivision 118‑B—Main residence

Table of sections
118‑110 Foreign residents
118‑195 Exemption—dwelling acquired from deceased estate

118‑110  Foreign residents
 (1) None of the amendments made by Part 1 of Schedule 1 to the Treasury Laws Amendment (Reducing Pressure on Housing Affordability Measures) Act 2019 apply in relation to a capital gain or capital loss you make from a CGT event if:
 (a) the CGT event happens on or before 30 June 2020; and
 (b) you held an ownership interest in the dwelling to which the CGT event relates throughout the period:
 (i) starting just before 7.30 pm, by legal time in the Australian Capital Territory, on 9 May 2017; and
 (ii) ending just before the CGT event happens.
 (2) For the purposes of paragraph (1)(b), treat the ownership interest in the dwelling as having been held by you during a time during which the interest was held by:
 (a) in relation to sections 118‑195 to 118‑210 of the Income Tax Assessment Act 1997—the deceased or the trustee of the deceased estate; or
 (b) in relation to sections 118‑215 to 118‑230 of that Act—the trustee of the special disability trust.

118‑195  Exemption—dwelling acquired from deceased estate
 (1) This section applies to an entity:
 (a) that acquired an ownership interest in a dwelling as trustee of a deceased estate on or before 7.30 pm, by legal time in the Australian Capital Territory, on 20 August 1996; or
 (b) to whom an ownership interest in a dwelling passed as a beneficiary in a deceased estate on or before that time.
 (2) Item 1 in the table in subsection 118‑195(1) of the Income Tax Assessment Act 1997 applies to the entity in relation to the dwelling as if that item required the dwelling to be the deceased's main residence throughout the deceased's ownership period.
 (3) Section 118‑192 and subsections 118‑190(4) and 118‑200(4) do not apply to the entity