Document ID: chunk:federal_register_of_legislation:C2017A00132:clause:2_4:p2
Version: federal_register_of_legislation:C2017A00132
Segment Type: clause
Provision Reference: sch 2 cl 4 (pt 2/3)
Character Range: 36889–39607

by you, your *spouse or your former spouse; or
 (ii) an *ownership interest in the land on which the *dwelling is situated was held by you, your spouse or your former spouse;
 (b) if subsection 118‑147(1):
 (i) applies because the old interest was a substitute property interest (within the meaning of that subsection) for an old dwelling referred to in paragraph 118‑147(1)(a); or
 (ii) would have applied as described in subparagraph (i) if paragraph 118‑147(1)(a) were modified to refer to a dwelling (the old dwelling) that was your main residence;
  you, your spouse or your former spouse *acquired an ownership interest in that old dwelling at least 10 years before the disposal.
Note: Section 118‑147 deals with a dwelling replacing an earlier dwelling that was compulsorily acquired or destroyed etc.

Cap on the amount of a downsizer contribution
 (3) Despite subsection (1), the contribution is covered under this section only to the extent that it does not exceed the lesser of:
 (a) $300,000, less any other contribution that is already covered under this section and made to a *complying superannuation plan in respect of you; and
 (b) the sum of the *capital proceeds from the disposals of:
 (i) the old interest; and
 (ii) any *related spousal interest to the old interest;
  less the sum of all other contributions that are already covered under this section and made to complying superannuation plans in respect of you or your *spouse.

Meaning of related spousal interest
 (4) A related spousal interest, to an *ownership interest in a *dwelling, is another ownership interest in the dwelling if:
 (a) both ownership interests are *disposed of under the same contract; and
 (b) just before the disposal, you *held one of the ownership interests and your *spouse held the other.

When interest held by trustee of deceased estate
 (5) For the purposes of determining whether an individual held an interest at a particular time, if the interest was held at the particular time by the trustee of the deceased estate of an individual who was your *spouse when the individual died, the interest is taken to be held at the particular time by that individual.

Review of the period for making the contribution
 (6) If:
 (a) you requested the Commissioner to allow a longer period under paragraph (1)(g); and
 (b) you are dissatisfied with:
 (i) a decision under that paragraph allowing a longer period; or
 (ii) a decision the Commissioner makes not to allow a longer period;
you may object against the decision in the manner set out in Part IVC of the Taxation Administration Act 1953.
 (7) To avoid doubt:
 (a) subject to subsection 14ZVC(3) of the Taxation Administration Act 1953, you may also object, on