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INCOME TAX ASSESSMENT ACT 1997 - SECT 118.192

Special rule for first use to produce income

             (1)  There is a special rule if:

                     (a)  you would get only a partial exemption under this Subdivision for a * CGT event happening in relation to a * dwelling or your * ownership interest in it because the dwelling was used for the * purpose of producing assessable income during your * ownership period; and

                    (aa)  that use occurred for the first time after 7.30 pm, by legal time in the Australian Capital Territory, on 20 August 1996; and

                     (b)  you would have got a full exemption under this Subdivision if the CGT event had happened just before the first time (the income time ) it was used for that purpose during your ownership period.

             (2)  You are taken to have * acquired the * dwelling or your * ownership interest at the income time for its * market value at that time.

             (3)  If your * ownership interest in the * dwelling * passed to you as a beneficiary in a deceased estate, or you owned it as the trustee of a deceased estate and the * CGT event did not happen within 2 years of the deceased's death, you apply this Subdivision as if:

                     (a)  you had * acquired the interest as an individual and not as a beneficiary or trustee of a deceased estate; and

                     (b)  for applying the formula in section 118-185, your non-main residence days were the number of days in your * ownership period when the dwelling was not the main residence of an individual referred to in item 2, column 3 of the table in section 118-195.

Note:          There are special rules for dwellings acquired before 7.30 pm on 20 August 1996: see section 118-195 of the Income Tax (Transitional Provisions) Act 1997 .

Dwellings acquired from deceased estates



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