Document ID: chunk:federal_register_of_legislation:C2004C00958:clause:1_2:p3
Version: federal_register_of_legislation:C2004C00958
Segment Type: clause
Provision Reference: sch 1 cl 2 (pt 3/5)
Character Range: 282117–284692

interest in the *dwelling was last acquired on or after 20 September 1985 by an individual except as a beneficiary in a deceased estate or as trustee of a deceased estate and the day when the interest passed to or was acquired as trustee by the most recently deceased.

 (3) Add to the component non‑main residence days in the formula the number of days in the period applicable under subsection (2) that the *dwelling was not the main residence of one or more of:

 (a) an individual who owned the dwelling at the time of the individual's death; or

 (b) an individual who, immediately before the death of an individual referred to in paragraph (a), was the spouse of that individual (except a spouse who was living permanently separately and apart from the individual); or

 (c) an individual who had a right to occupy the dwelling under a will; or

 (d) an individual to whom an *ownership interest in the dwelling *passed as a beneficiary in, or who *acquired an ownership interest in the dwelling as trustee of, a deceased estate.

118‑210  Trustee acquiring dwelling under will

 (1) This section applies if you are the trustee of a deceased estate and, under the deceased's will, you *acquire an *ownership interest in a *dwelling for occupation by an individual.

 (2) If a *CGT event happens to the interest in relation to the individual and you receive no money or property for it:

 (a) a *capital gain or *capital loss you make from the event is disregarded; and

 (b) the first element of the *dwelling's *cost base and *reduced cost base in the hands of the individual is its cost base and reduced cost base in your hands at the time of the event; and

 (c) the individual is taken to have *acquired it when you did.

 (3) If:

 (a) you receive money or property for the *CGT event happening or the event happens in relation to another entity; and

 (b) the dwelling was the main residence of the individual from the time you *acquired the interest until the time of the event;

you do not make a *capital gain or *capital loss from the CGT event.

 (4) However, if the *dwelling was the main residence of the individual during part only of that period, you make a *capital gain or *capital loss worked out using the formula:

where:

CG or CL amount is the *capital gain or *capital loss you would have made from the *CGT event apart from this Subdivision.

non‑main residence days is the number of days in that period when the *dwelling was not the individual's main residence.

 (5) Only these *CGT events are relevant:

 (a) CGT events