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06 Jul 09 CGT relief for compulsory acquisitions of part of main residence

On 19 March 2009, the Assistant Treasurer and Minister for Competition Policy and Consumer Affairs announced that the Government will extend the CGT main residence exemption for compulsory acquisitions (and certain other involuntary events) relating to part of a taxpayer's main residence. Taxpayers will have the option to apply the changes from the 2004-05 income year to the date of Royal Assent, when the change will otherwise commence. For details of the ATO administrative arrangements that will apply, go here

 


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