Document ID: chunk:federal_register_of_legislation:C2019A00034:clause:1_11:p15
Version: federal_register_of_legislation:C2019A00034
Segment Type: clause
Provision Reference: sch 1 cl 11 (pt 15/16)
Character Range: 45599–48483

not a dwelling that:
 (i) is used primarily to provide disability accommodation; and
 (ii) is a dwelling of a kind prescribed by the regulations for the purposes of this subparagraph.
 (2) Section 118‑120 (Extension to adjacent land) applies in relation to this section in the same way as it applies in relation to Subdivision 118‑B.
 (3) To avoid doubt, for the purposes of applying section 118‑120 in relation to this section, a *dwelling's *adjacent land may include land used primarily for private or domestic purposes in association with the dwelling and with one or more other dwellings.

12‑453  MIT agricultural income and MIT residential housing income—capital gains in relation to membership interests
 (1) Subsection (2) applies if:
 (a) any of the following provisions apply in relation to an amount:
 (i) section 12‑448;
 (ii) section 12‑450; and
 (b) the amount is, or is attributable to, a *capital gain from a *CGT event in relation to an asset that is a *membership interest in an entity; and
 (c) just before the CGT event happened, the entity held, directly or indirectly, one or more assets that are any of the following;
 (i) *Australian agricultural land for rent;
 (ii) a *residential dwelling asset.
 (2) For the purposes of subsections 12‑448(2) and 12‑450(2):
 (a) in a case where the *membership interest mentioned in subsection (1) passes the principal asset test in section 855‑30 of the Income Tax Assessment Act 1997 immediately before the time the *CGT event happens:
 (i) if the assets mentioned in paragraph (1)(c) are all *Australian agricultural land for rent—treat the *capital gain as being wholly attributable to the Australian agricultural land for rent; or
 (ii) if the assets mentioned in paragraph (1)(c) are all *residential dwelling assets—treat the capital gain as being wholly attributable to residential dwelling assets; or
 (iii) if all the assets mentioned in paragraph (1)(c) are Australian agricultural land for rent and residential dwelling assets, and the *market value of the membership interest that is attributable to Australian agricultural land for rent equals or exceeds the market value of the membership interest that is attributable to residential dwelling assets—treat the capital gain as being wholly attributable to Australian agricultural land for rent; or
 (iv) if all the assets mentioned in paragraph (1)(c) are Australian agricultural land for rent and residential dwelling assets, and the market value of the membership interest that is attributable to Australian agricultural land for rent falls short of the market value of the membership interest that is attributable to residential dwelling assets—treat the capital gain as being wholly attributable to residential dwelling assets; or
 (b) in any other case—treat the capital gain:
 (i) as not being attributable to Australian agricultural land for rent; and