Document ID: chunk:federal_register_of_legislation:C2004C00958:clause:1_2:p1
Version: federal_register_of_legislation:C2004C00958
Segment Type: clause
Provision Reference: sch 1 cl 2 (pt 1/5)
Character Range: 276075–279879

2                                                             the deceased *acquired the *ownership interest before 20 September 1985                                                                                                                                                                        the *dwelling was, from the deceased's death until your *ownership interest ends, the main residence of one or more of:

                                                                                                                                                                                                                                                                                                             (a) the spouse of the deceased immediately before the death (except a spouse who was living permanently separately and apart from the deceased); or

                                                                                                                                                                                                                                                                                                             (b) an individual who had a right to occupy the dwelling under the deceased's will; or

                                                                                                                                                                                                                                                                                                             (c) if the *CGT event was brought about by the individual to whom the *ownership interest *passed as a beneficiary—that individual

Note 1: You may make a capital gain or capital loss if the dwelling was used for the purpose of producing assessable income: see section 118‑190.

Note 2: In some cases the use of a dwelling to produce assessable income can be disregarded: see sections 118‑45 and 118‑190.

Note 3: There are special rules for dwellings acquired before 7.30 pm on 20 August 1996. These rules also affect the operation of section 118‑192 and subsections 118‑190(4) and 118‑200(4): see section 118‑195 of the Income Tax (Transitional Provisions) Act 1997.

 (2) Only these *CGT events are relevant:

 (a) CGT events A1, B1, C1, C2, E1, E2, F2, I1, I2, K3, K4 and K6 (except one involving the forfeiting of a deposit); and

 (b) a CGT event that involves the forfeiting of a deposit as part of an uninterrupted sequence of transactions ending in one of the events specified in paragraph (a) subsequently happening.

Note: The full list of CGT events is in section 104‑5.

118‑200  Partial exemption for deceased estate dwellings

 (1) You get only a partial exemption (or no exemption) if:

 (a) you are an individual and your *ownership interest in a *dwelling *passed to you as a beneficiary in a deceased estate, or you owned it as the trustee of a deceased estate; and

 (b) section 118‑195 does not apply.

 (2) You calculate your *capital gain or *capital loss 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 sum of:

 (a) if the deceased *acquired the *ownership interest on or after 20 September 1985—the number of days in the deceased's *ownership period when the *dwelling was not the deceased's main residence; and

 (b) the number of days in the period from the death until your ownership interest ends when the dwelling was not the main residence of an individual referred to in item 2, column 3 of the table in section 118‑195.

total days is:

 (a) if the deceased *acquired the *ownership interest before 20 September 1985—the number of days in the period from