Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 118.130

  (1)   You have an ownership interest in land or a * dwelling if:

  (a)   for land--you have a legal or equitable interest in it or a right to occupy it; or

  (b)   for a dwelling that is not a flat or home unit--you have a legal or equitable interest in the land on which it is erected, or a licence or right to occupy it; or

  (c)   for a flat or home unit--you have:

  (i)   a legal or equitable interest in a * stratum unit in it; or

  (ii)   a licence or right to occupy it; or

  (iii)   a * share in a company that owns a legal or equitable interest in the land on which the flat or home unit is erected and that gives you to a right to occupy it.

  (2)   For land or a * dwelling that you * acquire under a contract, you have an ownership interest in it from:

  (a)   the time when you obtain legal ownership of it; or

  (b)   if the contract or a related contract gives you a right to occupy it at an earlier time--the earlier time.

  (3)   For land or a * dwelling where you have a contract for the happening of the * CGT event, you have an ownership interest in it until your legal ownership of it ends.