Document ID: chunk:federal_register_of_legislation:C2011A00061:clause:3_6:p3
Version: federal_register_of_legislation:C2011A00061
Segment Type: clause
Provision Reference: sch 3 cl 6 (pt 3/4)
Character Range: 22391–25059

an interest or right in or relating to the exempt land being compulsorily conferred on:
 (i) an *Australian government agency; or
 (ii) an entity under a power conferred by an *Australian law; or
 (b) you conferring on an entity an interest or right in or relating to the exempt land in circumstances meeting all of these conditions:
 (i) the conferral takes place after a notice was served on you by or on behalf of an entity;
 (ii) the notice invited you to negotiate with the entity with a view to you agreeing to confer an interest or right in or relating to the exempt land;
 (iii) the notice informed you that if the negotiations were unsuccessful, an interest or right in or relating to the exempt land would be compulsorily conferred on the entity under a power conferred by an Australian law.
Note: For paragraph (b), the entity may be an Australian government agency.
 (4) This section applies to the *CGT event and the exempt land if:
 (a) your *ownership interest in the exempt land:
 (i) was conferred on you by an *Australian government agency; and
 (ii) had a limited, but renewable, period of operation; and
 (b) the CGT event involves that ownership interest not being renewed by that agency.

118‑255  Maximum exempt area
  Your maximum exempt area for the *CGT event and the *dwelling is 2 hectares less the amount worked out as follows:

      Method statement
           Step 1. Identify each earlier *CGT event (if any) that:

                (a) happened in relation to land that was part of the *dwelling's *adjacent land at the time of the earlier CGT event, or happened in relation to your *ownership interest in that land at that time; and
                (b) resulted in you losing rights to the substantial use and enjoyment of that land either completely or for at least 10 years;

            for which you made a *capital gain or *capital loss that was wholly or partly disregarded because of the application of subsection 118‑245(2).
           Step 2. For each earlier *CGT event covered by step 1, work out the area of the exempt land for that application of subsection 118‑245(2).
           Step 3. Add the results from step 2 to the area of the land immediately under the *dwelling.

118‑260  Partial exemption rules
 (1) If section 118‑245 applies to a *CGT event, the amount of the *capital gain or *capital loss that you would have made apart from this section from the CGT event is increased by an amount that is reasonable having regard to the following:
 (a) the extent that the *dwelling was not a main residence for the relevant period;
 (b) the extent that the dwelling was used for the *purpose of producing assessable