Commonwealth Consolidated Acts

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INCOME TAX ASSESSMENT ACT 1997 - SECT 118.130

Meaning of ownership interest in land or a dwelling

             (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.

Rules that may extend the exemption



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