Document ID: chunk:federal_register_of_legislation:C2007A00055:clause:1_26
Version: federal_register_of_legislation:C2007A00055
Segment Type: clause
Provision Reference: sch 1 cl 26
Character Range: 17914–18712

26  After subsection 152‑20(2)
Insert:

Individual's dwelling

 (2A) In working out the net value of the CGT assets of an individual, if:
 (a) a*dwelling of the individual, an *ownership interest in such a dwelling or any relevant adjacent land, was used, during all or part of the *ownership period of the dwelling, by the individual to produce assessable income to a particular extent; and
 (b) the individual satisfied paragraph 118‑190(1)(c) (about interest deductibility) at least to some extent;
include such amount as is reasonable having regard to the extent to which that paragraph was satisfied.

Note: The net value of the CGT assets of the individual will be reduced by the same proportion of the individual's liabilities related to the dwelling, ownership interest or adjacent land.