CGT Determination Number 59
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?
||TD 59 has been withdrawn under the ATO's Project Refresh initiative.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.
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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Capital Gains Tax Determination TD 59 is withdrawn with effect from today.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
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All legislative references are to the ITAA 1997.
Principal residence exemption;
dwelling on pre-CGT land;