Itaa 1997

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Specific Year Any Subdivision A--Application of Division 34 Subdivision C--Registering the design of a non-compulsory uniform Division Other payments on termination of employment Subdivision D--Foreign termination payments Division 83A--Employee share schemes 83A.

Itaa 1997

Generally, this means that where an individual sells the main residence, no CGT is payable unless the residence has been used for income producing purposes. This exemption is only available to individuals. Adjacent land will only qualify for the exemption to the extent it is used for private or domestic purposes in association with the dwelling. However, Taxation Determination TD 51 TD 51 is withdrawn but the factors it lists are still relevant lists factors the ATO will consider in determining whether a dwelling is the main residence. They include but are not limited to:. The relevance and weight to be given to each of these or other factors will depend upon the circumstances of each case. The main residence exemption is extended to take account of the time needed to move into a dwelling i. Section provides that: If a dwelling becomes your main residence by the time it was first practicable for you to move into it after you acquired your ownership interest in it, the dwelling is treated as your main residence from when you acquired the interest until it became your main residence. This takes account of situations where, for example, there is a delay in moving in because of illness or other reasonable cause. Section provides that when changing residences, the period during which an individual can have the CGT exemption for 2 dwellings is up to 6 months so long as:. Example Ken and Sharon sign a contract to purchase a new home in July.

Record keeping requirements There is a requirement to keep records of every act, itaa 1997, transaction, event or circumstance that can reasonably be expected to be relevant to working out whether itaa 1997 capital gain or loss has been made from a CGT event. Subdivision 70 D—Assessable income arising from disposals of trading stock and certain other assets. Division 86—Alienation of personal services income.

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Thank you for your patience as we work to resolve bugs and issues on the new Register. To see if your issue has already been reported, please view the list of known issues. Known issues Thank you for your patience as we work to resolve bugs and issues on the new Register. Home Acts In force. Income Tax Assessment Act In force Administered by.

Itaa 1997

Thank you for your patience as we work to resolve bugs and issues on the new Register. To see if your issue has already been reported, please view the list of known issues. Known issues Thank you for your patience as we work to resolve bugs and issues on the new Register. Home Legislative instruments In force. Income Tax Assessment Act Regulations In force Administered by. Latest version. Order print copy.

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Guide to Subdivision CB. Special valuation rules. Subdivision C—Rules about trusts with net capital gains. Subdivision 40 F—Primary production depreciating assets. In the context of the main residence, relevant records would include those that relate to:. Replacement case. Collapse Part 3 1—Capital gains and losses: general topics. Subdivision 86 B—Entitlement to deductions. Subdivision 36 C—Excess franking offsets. Subdivision G—Transfer of assets between certain trusts. Division 65—Tax offset carry forward rules. Subdivision 30 EA—Register of harm prevention charities. Division 67—Refundable tax offset rules. Collapse Chapter 2—Liability rules of general application. However, it extends only to the extent that the structure is used primarily for private or domestic purposes in association with the flat or home unit.

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Collapse Guide to Subdivision 20 B. Subdivision 2 B—How the Act is arranged. Collapse Rules that may extend the exemption. Subdivision 43 F—Calculation of deduction. No other dwelling can be treated as the main residence during this time. Division Superannuation benefits paid in special circumstances Contents What is exempt? Guide to Subdivision 83 C. Collapse The associate case. Collapse Guide to Subdivision 28 H.