Document ID: chunk:federal_register_of_legislation:C2025C00120:section:58c:p1
Version: federal_register_of_legislation:C2025C00120
Segment Type: section
Provision Reference: s 58C (pt 1/3)
Character Range: 210629–213322

58C  Exempt benefits—sale or acquisition of dwelling as a result of relocation
 (1) Where:
 (a) during a particular period (in this subsection called the former home holding period), an employee of an employer, or an associate of an employee of an employer, holds:
 (i) a prescribed interest in land on which:
 (A) there is a building constituting or containing a dwelling;
 (B) the employee or associate proposes to construct, or complete the construction of, a building constituting or containing a dwelling;
 (ii) a prescribed interest in a stratum unit in relation to a dwelling; or
 (iii) a proprietary right in respect of a dwelling, being a flat or home unit;
 (b) the employee or associate sells or proposes to sell, the interest or right solely because the employee is required to change his or her usual place of residence in order to perform the duties of his or her employment;
 (c) the employer first notifies the employee at a time (in this subsection called the notice time) during the former home holding period that the employee is required to perform the duties of that employment at the employee's new place of employment; and
 (d) at the notice time, the employee occupied, or proposed to occupy, the dwelling, or proposed to occupy the proposed dwelling, as his or her usual place of residence;
the following subsections have effect.
 (2) Where:
 (a) either of the following benefits is provided in respect of that employment of the employee in, or in respect of, a year of tax:
 (i) an expense payment benefit where the recipients expenditure is incidental to the sale of that interest or right;
 (ii) a residual benefit where the recipients benefit is incidental to the sale of that interest or right;
 (aa) the employee or associate entered into a contract for the sale of the interest or right within 2 years after the day (the new employment day) on which the employee commenced to perform the duties of that employment at the employee's new place of employment;
 (b) if, apart from this paragraph, this subsection would apply in relation to 2 or more dwellings or proposed dwellings in relation to the change in the employee's usual place of residence—the employer of the employee elects that this subsection apply in relation to only one of those dwellings or proposed dwellings;
 (c) if paragraph (b) applies—the benefit relates to the dwelling or proposed dwelling in respect of which the election is made;
 (d) if subparagraph (a)(i) applies—documentary evidence of the recipients expenditure is obtained by the recipient and that documentary evidence, or a copy, is given to the employer before the declaration date; and
 (e) the benefit is not provided under a