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CGT Determination Number 59

TD 59W


Capital Gains: Where a dwelling is erected on pre-CGT land, is an election required under subsection 160ZZQ(5) to get the principal residence exemption for the time during which construction takes place?

Attention TD 59 has been withdrawn under the ATO's Project Refresh initiative. Under Project Refresh, we are reviewing public rulings that have not been updated in more than 5 years. We are retaining, updating, rewriting, consolidating and, where no longer relevant, withdrawing these rulings. Project Refresh is not changing any current ATO views.
Attention This document has changed over time. View its history.


Notice of Withdrawal

Capital Gains Tax Determination TD 59 is withdrawn with effect from today.

1. TD 59 is replaced by Taxation Determination TD 2017/13 Income tax: capital gains: if you build a dwelling on land that you acquired before 20 September 1985 ('pre-CGT'), are you required to make a choice under section 118-150 of the Income Tax Assessment Act 1997 (ITAA 1997) 1 to get the main residence exemption? which issued on 17 May 2017.

Commissioner of Taxation

17 May 2017

© AUSTRALIAN TAXATION OFFICE FOR THE COMMONWEALTH OF AUSTRALIA

You are free to copy, adapt, modify, transmit and distribute this material as you wish (but not in any way that suggests the ATO or the Commonwealth endorses you or any of your services or products).

Footnotes

[1]
All legislative references are to the ITAA 1997.



References

ATO references:
NO  1-9N72KXS

ISSN 2205-6211

Subject References:
Principal residence exemption;
dwelling on pre-CGT land;
election

Legislative References:
160ZZQ(5);
160P(2);
160U(3);
160U(5)

TD 59 history   Top  
   Date   Version   Change 
   21 May 1992   Original ruling   
   29 November 2006   Original ruling + note   Repeal provision note 
 You are here ®  17 May 2017   Withdrawn   


 


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