Document ID: chunk:federal_register_of_legislation:C2025C00029:section:2:p11
Version: federal_register_of_legislation:C2025C00029
Segment Type: section
Provision Reference: s 2 (pt 11/12)
Character Range: 2296575–2299683

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 income during the relevant period.
 (2) In determining what is a reasonable increase, have regard to the principles in this Subdivision applicable to *CGT events happening in relation to a *dwelling or your *ownership interest in it.

118‑265  Extension to adjacent structures
  Sections 118‑245 to 118‑260 (with appropriate modifications) apply to an *adjacent structure of a flat or home unit in a corresponding way to the way they apply to a *dwelling's *adjacent land.

Subdivision 118‑D—Insurance and superannuation

Table of sections
118‑300 Insurance policies
118‑305 Superannuation
118‑310 RSA's
118‑313 Superannuation agreements under the Family Law Act
118‑315 Segregated exempt assets of life insurance companies
118‑320 Segregated current pension assets of a complying superannuation entity

118‑300  Insurance policies
 (1) A *capital gain or *capital loss you make from a *CGT event happening in relation to a *CGT asset that is your interest in rights under a *general insurance policy, a *life insurance policy or an *annuity instrument is disregarded in the situations set out in this table.

Insurance policies
                    The *CGT event happens to this type of policy:
Item                                                                                                                                                                                                                                                                        ... and you are