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13 May 10 3 Addenda issued

On 12 May 2010, the ATO issued the following 3 Addenda:

  • TD 92/135A - Income tax: capital gains: is the principal residence exemption relevant when the proceeds of sale of a dwelling are treated as income under ordinary concepts?
  • TD 92/147A - Income tax: capital gains: how soon after erection must a dwelling become the sole or principal residence of a taxpayer to satisfy the conditions in s 160ZZQ(5)?
  • TD 95/7A - Income tax: capital gains: does s 160M(12) of ITAA 1936 prevent a taxpayer from making an election under s 160ZZQ(11A) for a sole or principal residence (SPR) that the taxpayer owned before becoming a resident of Australia?

TD 92/135A and TD 92/147A reflect the rewritten capital gains tax provisions in Part 3-1 of ITAA 1997. These Addenda apply from 14 September 2006, the date of effect of the repeal of the former capital gains tax provisions in Part IIIA of ITAA 1936 by Tax Laws Amendment (Repeal of Inoperative Provisions) Act 2006.

TD 95/7A reflects the rewritten capital gains tax provisions in Part 3-1 of ITAA 1997 and changes to the law effected by Tax Laws Amendment (2006 Measures No. 4) Act 2006. TD 95/7A applies from 12 December 2006, the date on which s 855-45 of the ITAA 1997 commenced operation.


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