Document ID: chunk:federal_register_of_legislation:C2025C00029:section:3:p20
Version: federal_register_of_legislation:C2025C00029
Segment Type: section
Provision Reference: s 3 (pt 20/29)
Character Range: 2247384–2249876

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 *acquired your *ownership interest in it, the dwelling is treated as your main residence from when you acquired the interest until it actually became your main residence.

118‑140  Changing main residences
 (1) If you *acquire an *ownership interest in a *dwelling that is to become your main residence and you still have your ownership interest in your existing main residence, both dwellings are treated as your main residence for the shorter of:
 (a) 6 months ending when your ownership interest in your existing main residence ends; or
 (b) the period between the acquisition of the new ownership interest and the time when the ownership interest referred to in paragraph (a) ends.
 (2) Subsection (1) only applies if:
 (a) your existing main residence was your main residence for a continuous period of at least 3 months in the 12 months ending when your ownership interest in it ends; and
 (b) your existing main residence was not used for the *purpose of producing assessable income in any part of that 12 month period when it was not your main residence.

118‑145  Absences
 (1) If a *dwelling that was your main residence ceases to be your main residence, you may choose to continue to treat it as your main residence.
 (2) If you use the part of the *dwelling that was your main residence for the *purpose of producing assessable income, the maximum period that you can treat it as your main residence under this section while you use it for that purpose is 6 years. You are entitled to another maximum