60Sale of old principal residence

60 Sale of old principal residence S. 60(1) substituted by No. 76/2012 s. 11(1). (1) Land owned by a person is exempt land in respect of a year if— (a) either— S. 60(1)(a)(i) amended by No. 18/2023 s. 50(a). (i) the land was exempt land under section 54(1)(a) for the preceding year; or (ii) the person used and occupied the land as his or her principal place of residence for a period of at least 6 months during the preceding year; and (b) as at 31 December in the preceding year, the person was the owner of other land that he or she used and occupied as his or her principal place of residence. In this situation, the land referred to in paragraph (b) will be exempt land in the circumstances set out in section 54(1)(a). S. 60(2) substituted by No. 76/2012 s. 11(1). (2) Land owned by a trustee is exempt land in respect of a year if— (a) either— S. 60(2)(a)(i) amended by No. 18/2023 s. 50(b). (i) the land was exempt land under section 54(1)(b) for the preceding year; or (ii) a vested beneficiary in relation to the land used and occupied it as his or her principal place of residence for a period of at least 6 months during the preceding year; and (b) as at 31 December in the preceding year, the trustee was the owner of other land that a vested beneficiary referred to in paragraph (a) used and occupied as his or her principal place of residence. In this situation, the land referred to in paragraph (b) will be exempt land in the circumstances set out in section 54(1)(b). S. 60(3) amended by Nos 76/2012 s. 11(2), 69/2013 s. 16. (3) The Commissioner may revoke an exemption under subsection (1) or (2) if the owner or trustee is still the sole or joint owner of the land referred to in subsection (1)(a) or (2)(a) at the end of the year in respect of which the land is exempt. S. 60(4) substituted by No. 76/2012 s. 11(3), amended by No. 47/2020 s. 52(a). (4) Subsection (1) does not apply to land in respect of a year if the owner derived income from the land in the year preceding the tax year. S. 60(5) inserted by No. 76/2012 s. 11(3), amended by No. 47/2020 s. 52(b). (5) Subsection (2) does not apply to land in respect of a year if the trustee derived any income from the land in the year preceding the tax year. Pt 4 Div. 1 Subdiv. 5 (Heading) inserted by No. 23/2022 s. 18(5).