Document ID: chunk:federal_register_of_legislation:C2025C00180:clause:1_6:p47
Version: federal_register_of_legislation:C2025C00180
Segment Type: clause
Provision Reference: sch 1 cl 6 (pt 47/63)
Character Range: 455505–458375

out that fraction by dividing:
 (a) the pre‑announcement TPI;
by:
 (b) the post‑announcement TPI.
 (6) Otherwise, the fraction is 1.
 (7) The time is 4.30 pm, by legal time in the Australian Capital Territory, on 14 September 2017.

12‑452  Meaning of residential dwelling asset
 (1) A residential dwelling asset is an asset that:
 (a) is a *dwelling; and
 (b) is *taxable Australian real property; and
 (c) is *residential premises (other than *commercial residential premises); and
 (d) is not a dwelling that:
 (i) is used primarily to provide specialist disability accommodation (within the meaning of the National Disability Insurance Scheme (Specialist Disability Accommodation Conditions) Rule 2018); and
 (ii) is enrolled in accordance with section 6 of that Rule; and
 (e) is 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