Notice of Withdrawal
CGT Determination Number 58 (TD 58) explains that the principal residence exemption is not available to a so-called 'family company' or 'family trust' because paragraph 160ZZQ12(a) of the Income Tax Assessment Act 1936 (ITAA 1936) requires that the dwelling be owned by a natural person.
TD 58 was issued prior to 1 July 1992 and is therefore not a public ruling for the purposes of Division 358 of the Taxation Administration Act 1953 .
TD 58 involves a straight application of the law. Subsection 118-110(1) of the Income Tax Assessment Act 1997 (ITAA 1997) makes it clear that in the general case, the main residence exemption is only available to an individual (defined in subsection 995-1(1) of the ITAA 1997 as a natural person). Subsection 960-100(4) of the ITAA 1997 goes on to provide that if a provision refers to an entity of a particular kind, it refers to the entity in its capacity as that kind of entity and not in any other capacity.
Section 118-195 of the ITAA 1997 indicates when the exemption will be available to trustees of deceased estates.
Accordingly, TD 58 is no longer required and is withdrawn.