Commonwealth Consolidated Acts

INCOME TAX (TRANSITIONAL PROVISIONS) ACT 1997 - SECT 118.195

  (1)   This section applies to an entity:

  (a)   that acquired an ownership interest in a dwelling as trustee of a deceased estate on or before 7.30 pm, by legal time in the Australian Capital Territory, on 20   August 1996; or

  (b)   to whom an ownership interest in a dwelling passed as a beneficiary in a deceased estate on or before that time.

  (2)   Item   1 in the table in subsection   118 - 195(1) of the Income Tax Assessment Act 1997 applies to the entity in relation to the dwelling as if that item required the dwelling to be the deceased's main residence throughout the deceased's ownership period.

  (3)   Section   118 - 192 and subsections   118 - 190(4) and 118 - 200(4) do not apply to the entity in relation to the dwelling.

Table of sections

118 - 260   Business exemption threshold