Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) This section applies if a * dwelling that is your main residence is accidentally destroyed and a * CGT event happens in relation to the land on which it was built without you erecting another dwelling on the land.
(2) You can choose to apply this Subdivision to the land as if, from the time of the destruction until your * ownership interest in the land ends, the * dwelling had not been destroyed and were your main residence.
(3) If you do so, you cannot treat any other * dwelling as your main residence during that period, except under section 118 - 140 (about changing main residences).