Document ID: chunk:federal_register_of_legislation:C2004C00958:clause:1_3:p8
Version: federal_register_of_legislation:C2004C00958
Segment Type: clause
Provision Reference: sch 1 cl 3 (pt 8/17)
Character Range: 252425–255280

if the lessee did not use the lease solely or mainly for the *purpose of producing assessable income.

118‑42  Transfer of stratum units

  If:

 (a) you own land on which there is a building; and

 (b) you subdivide the building into *stratum units; and

 (c) you transfer each unit to the entity who had the right to occupy it just before the subdivision;

a *capital gain or *capital loss you make from transferring the unit is disregarded.

118‑45  Sale of rights to mine

  A *capital gain or *capital loss you make from the sale, transfer or assignment of your rights to mine in a particular area in Australia is disregarded if you have *exempt income for the income year (because of section 330‑60) from the sale, transfer or assignment.

118‑55  Foreign currency hedging gains and losses

  A *capital gain or *capital loss you make from a contract you entered into solely to reduce the risk of financial loss you may suffer from currency exchange rate fluctuations is disregarded if the contract relates to:

 (a) a liability you have to make a payment under another contract; or

 (b) a *CGT asset that is a right you *acquired before 20 September 1985 to receive money under another contract.

118‑60  Gifts under Cultural Bequests Program

  A *capital gain or *capital loss made from a testamentary gift of property under the Cultural Bequests Program is disregarded.

Subdivision 118‑B—Main residence

Guide to Subdivision 118‑B

118‑100  What this Subdivision is about

      You can ignore a capital gain or capital loss you make from a CGT event that happens to a dwelling that is your main residence.

      However, this exemption may not apply in full if:

          • it was your main residence during part only of your ownership period; or

          • it was used for the purpose of producing assessable income.

      There are special rules for dwellings passed from, or owned by a trustee of, a deceased estate.

Table of sections

118‑105 Map of this Subdivision

Basic case and concepts

118‑110 Basic case
118‑115 Meaning of dwelling
118‑120 Extension to adjacent land
118‑125 Meaning of ownership period
118‑130 Meaning of ownership interest in land or a dwelling

Rules that may extend the exemption

118‑135 Moving into a dwelling
118‑140 Changing main residences
118‑145 Absences
118‑150 If you build, repair or renovate a dwelling
118‑155 Where individual referred to in section 118‑150 dies
118‑160 Destruction of dwelling and sale of land

Rules that may limit the exemption

118‑165 Separate CGT event for adjacent land or other structures
118‑170 Spouse having different main residence
118‑175 Dependent child having different main residence
118‑180 Acquisition of dwelling from company or trust on marriage breakdown—roll‑over provision applying

Partial exemption rules

118‑185 Partial