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Edited version of your written advice
Authorisation Number: 1051262421484
Date of advice: 2 August 2017
Ruling
Subject: Capital gains tax – six year absence rule
Question 1
Are you entitled to apply the main residence exemption under the six year absence rule on the disposal of your property?
Answer
Yes
Having considered your circumstances and the relevant factors, you can fully disregard any capital gains tax under section 118-145 of the Income Tax Assessment Act 1997. Further information on 'using your home to produce income’ can be found on our website ato.gov.au and entering Quick Code QC52191 into the search bar at the top right of the page.
This ruling applies for the following period:
30 June 2017
The scheme commences on:
1 July 2016
Relevant facts and circumstances
This ruling is based on the facts stated in the description of the scheme that is set out below. If your circumstances are materially different from these facts, this ruling has no effect and you cannot rely on it. The fact sheet has more information about relying on your private ruling.
You purchased a dwelling in 201X and moved into this dwelling as soon as practicable, that became your main residence.
You lived in this dwelling for fifteen months from 201X to 201Y.
You relocated to another state for work commitments from 201Y.
During your absence period you rented out your property for less than five years from 201Y up until the property sold and settled in 201Z.
You did not purchase another property.
Relevant legislative provisions
Income Tax Assessment Act 1997 section 102-20
Income Tax Assessment Act 1997 section 118-110 and
Income Tax Assessment Act 1997 section 118-145.
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