Document ID: chunk:federal_register_of_legislation:C2025C00029:section:3:p16
Version: federal_register_of_legislation:C2025C00029
Segment Type: section
Provision Reference: s 3 (pt 16/29)
Character Range: 2237447–2240212

in subsection (2):
 (i) you transfer the CGT asset to one or more entities that are either Indigenous persons or Indigenous holding entities;
 (ii) you create a trust, that is an Indigenous holding entity, over the CGT asset;
 (iii) your ownership of the CGT asset ends, resulting in *CGT event C2 happening in relation to the CGT asset.
 (2) The *CGT assets are as follows:
 (a) *native title;
 (b) the right to be provided with a *native title benefit.
Note: Paragraph (a) does not require a determination of native title under the Native Title Act 1993.

Boat capital gains

118‑80  Reduction of boat capital gain
  A *capital gain you make from a *CGT event happening in relation to a boat for an income year is reduced by an amount that is a quarantined amount for you for the income year under subsection 26‑47(2).
Note: Section 26‑47 denies deductions for the excess of boat expenditure over boat income.

Special disability trusts

118‑85  Special disability trusts
 (1) A *capital gain or *capital loss you make is disregarded if you make it from transferring a *CGT asset for no consideration to:
 (a) a *special disability trust; or
 (b) a trust that becomes a special disability trust as soon as practicable after the transfer.
 (2) In working out whether the transfer was for consideration, disregard any interest in the trust.

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 if you are a foreign resident, and 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.
      There is a similar exemption for a CGT event that is a compulsory acquisition (or similar arrangement) happening to adjacent land but not also to the dwelling itself.

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 etc.
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
118‑147 Absence from dwelling replacing main residence that was compulsorily acquired, destroyed etc.
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