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Subdivision 118B: capital gains tax main residence exemption

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Published on 01 Apr 99 by "TAXATION IN AUSTRALIA" JOURNAL ARTICLE

The Tax Law Improvement Bill (No 2) 1997 officially applies from 1/7/98. Those who are not familiar with the existing CGT (Capital Gains Tax) provisions or who are new to the profession, will find the rewritten provisions a lot easier to understand. The Main Residence Exemption was a major part of the redrafted provisions. The much improved structure is highlighted by the style of placing general first followed by the more specific rules that apply to specific taxpayers.

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Ken DEVOS
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