Commonwealth Consolidated Acts Commonwealth Consolidated ActsYour maximum exempt area for the * CGT event and the * dwelling is 2 hectares less the amount worked out as follows:
Method statement
Step 1. Identify each earlier * CGT event (if any) that:
(a) happened in relation to land that was part of the * dwelling's * adjacent land at the time of the earlier CGT event, or happened in relation to your * ownership interest in that land at that time; and
(b) resulted in you losing rights to the substantial use and enjoyment of that land either completely or for at least 10 years;
for which you made a * capital gain or * capital loss that was wholly or partly disregarded because of the application of subsection 118 - 245(2).
Step 2. For each earlier * CGT event covered by step 1, work out the area of the exempt land for that application of subsection 118 - 245(2).
Step 3. Add the results from step 2 to the area of the land immediately under the * dwelling.