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Edited version of private advice

Authorisation Number: 1051833570043

Date of advice: 3 May 2021

Ruling

Subject: Residency of Australia for taxation purposes

Question 1

Are you a temporary resident of Australia for taxation purposes?

Answer

Yes. Based on the information provided to the Commissioner you meet the requirements set out in the legislation to be a temporary resident of Australia for taxation purposes.

Question 2

Can you disregard the capital gains upon sale of your Country Z property?

Answer

Yes. You can disregard the capital gain in relation to the sale of the property in Country Z.

This ruling applies for the following periods:

Year ended 30 June 2019

Year ended 30 June 2020

Year ending 30 June 2021

Year ending 30 June 2022

Year ending 30 June 2023

The scheme commences on:

1 July 2018

Relevant facts and circumstances

You are a citizen of Country Z.

You hold a Country Z Visa.

You migrated to Australia after February 20XX and entered Australia using your Country Z passport.

You have not lived in Australia for any sustained period of time before February 20XX.

You have not applied for Australian permanent residency or citizenship.

You sold a property in Country Z in 20XY and settlement took place in 20XX.

You are not a resident of Australia for the purposes of the Social Security Act 1991.

You do not have a spouse who is a resident of Australia for the purposes of the Social Security Act 1991.

Relevant legislative provisions

Income Tax Assessment Act 1997 section 768-915

Income Tax Assessment Act 1997 Subsection 995-1(1)

Income Tax Assessment Act 1936 Subsection 6(1)

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