Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 118.42

                   If:

                     (a)  you own land on which there is a building; and

                     (b)  you subdivide the building into * stratum units; and

                     (c)  you transfer each unit to the entity who had the right to occupy it just before the subdivision;

a * capital gain or * capital loss you make from transferring the unit is disregarded.