Tim owns one dwelling which is his main residence and which he is not selling. He decides to purchase another dwelling jointly with his son, Jeff. The dwelling will be the first that Jeff will own and Jeff intends to live in the dwelling. At the end of the day that is the effective date of the transaction, Tim owns more than one dwelling and has not replaced his main residence, so the ADS will apply.

Last updated: 
6 April 2016
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