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Edited version of private advice
Authorisation Number: 1051530904483
Date of advice: 15 June 2019
Ruling
Subject: Capital gains tax: main residence exemption: overseas property
Question
Are you entitled to a main residence exemption, in accordance with section 118-145 of the Income Tax Assessment Act 1997 (ITAA 1997), on the sale of your property?
Answer
Yes, the Commissioner considers that the property continued to be your main residence prior to its sale.
This ruling applies for the following period:
Year ended 30 June 20xx
The scheme commences on:
1 July 20xx
Relevant facts and circumstances
You owned a property in Country X (the property).
The property was your main residence.
You temporarily relocated to Australia in 20xx.
Whilst in Australia, you rented out the property.
You obtained rental accommodation in Australia.
You continued to treat the property as your main residence.
The property was rented for a period of less than six years.
You permanently relocated to Australia and sold the property.
Relevant legislative provisions
Income Tax Assessment Act 1997 section 118-145
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