Commonwealth Consolidated Acts

[Index] [Table] [Search] [Search this Act] [Notes] [Noteup] [Previous] [Next] [Download] [Help]

INCOME TAX ASSESSMENT ACT 1997 - SECT 313.35

Purchasing or constructing a residential premises

  (1)   Section   313 - 40 applies to you if:

  (a)   a * first home super saver determination is made in relation to you; and

  (b)   you make a valid request under section   131 - 5 in Schedule   1 to the Taxation Administration Act 1953 in relation to that determination that is your first such request; and

  (c)   you enter into a contract to purchase or construct a * CGT asset that is a * residential premises in Australia within the period:

  (i)   beginning 14 days before the day you make the valid request; and

  (ii)   ending 12 months (or if extended under subsection   (2), that longer period) after the day you make the valid request; and

  (d)   the price for the purchase or construction of the premises is at least equal to the total amount to be released that is stated in the valid request; and

  (e)   you have occupied the premises, or intend to occupy the premises as soon as practicable; and

  (f)   you intend to occupy the premises for at least 6 months of the first 12 months after it is practicable to occupy the premises.

  (2)   The Commissioner may extend the period for entering into a contract by up to 12 months.

Note:   If you request an extension of the period, you may object against a decision of the Commissioner under this section (see section   313 - 85).


AustLII: Copyright Policy | Disclaimers | Privacy Policy | Feedback