Commonwealth Numbered Acts

TAXATION LAWS AMENDMENT ACT (No. 2) 1992No. 80, 1992 - SECT 44

44.(1) Section 160ZZQ of the Principal Act is amended:

   (a)  by inserting after subsection (1) the following subsection:

"(1AA) For the purposes of this section, if:

   (a)  land or a dwelling is acquired or disposed of under a contract entered
        into at a particular time; and

   (b)  legal ownership of the land or dwelling does not pass until a later
        time; then, in spite of any other provision of this Part, the
        ownership of the land or dwelling is to be worked out on the basis of
        the legal ownership.";

   (b)  by omitting "and" from the end of subparagraph (5)(b)(iii);

   (c)  by adding at the end of paragraph (5)(b) the following subparagraph:

"(iv) a dwelling was on the land at the relevant time and, after that time,
the taxpayer:

                (A)  repaired or renovated the dwelling; or

                (B)  commenced to repair or renovate the dwelling but died
                     before the repairs or renovations were completed; and";

   (d)  by omitting from paragraph (5)(c) "or (iii)(A)" and substituting ",
        (iii)(A) or (iv)(A)";

   (e)  by omitting from subparagraphs (5)(c)(i) and (ii) and sub-subparagraph
        (5)(e)(i)(A) "or the erection of the dwelling was completed" and
        substituting ", the erection of the dwelling was completed or the
        repair or renovation of the dwelling was completed, as the case
        requires";

   (f)  by omitting from subparagraph (5)(d)(ii) and paragraph (5)(f) "or
        (iii)(B)" and substituting ", (iii)(B) or (iv)(B)";

   (g)  by inserting after subparagraph (5AA)(a)(i) the following
        subparagraph:

"(ia) if:

                (A)  subparagraph (5)(b)(iv) applies; and

                (B)  the dwelling was occupied by the taxpayer or another
                     person after the relevant time; and

                (C)  the dwelling ceased to be so occupied for the purpose of
                     allowing the repairs or renovations to be carried out;
                     the date on which the dwelling ceased, or last ceased, to
                     be so occupied; or";

   (h)  by adding at the end of subsection (5AA) the following word and
        paragraph:

"; and (c) a taxpayer who has, whether before or after the commencement of
this paragraph, entered into a contract or contracts for the repair or
renovation of a dwelling is taken to have commenced to repair or renovate the
dwelling at the time when the contract or the first contract was entered
into.".

(2) Section 160ZZQ of the Principal Act is amended:

   (a)  by omitting from subparagraph (6)(b) "court," and substituting "court;
        or";

   (b)  by inserting after paragraph (6)(b) the following paragraph:

"(c) under a deed of arrangement where:

        (i)    the deed was entered into in settlement of a claim to
               participate in the distribution of the estate of the deceased
               person; and

        (ii)   the consideration (if any) given by the taxpayer for the
               dwelling consisted of the variation or waiver of a claim to one
               or more other assets that formed part of that estate.".