| Disclaimer You cannot rely on this record in your tax affairs. It is not binding and provides you with no protection (including from any underpaid tax, penalty or interest). In addition, this record is not an authority for the purposes of establishing a reasonably arguable position for you to apply to your own circumstances. For more information on the status of edited versions of private advice and reasons we publish them, see PS LA 2008/4. |
Edited version of private advice
Authorisation Number: 1052114816938
Date of advice: 5 May 2023
Ruling
Subject: Main residence exemption
Question
Are you able to choose the Property A as your main residence and use the main residence exemption to disregard any capital gain when it is sold?
Answer
Yes.
Based on the information provided to the Commissioner, you are able to treat the property at Property A as your main residence and receive the main residence exemption to disregard any capital gain when it is sold.
You cannot treat any other property as your main residence for the same period.
This ruling applies for the following period:
Year ending 30 June 202X
The scheme commenced on:
1 July 20XX
Relevant facts and circumstances
You purchased Property B and lived there as a family for several years.
You purchased land at Property A.
You had a home built on the land which was completed in a later year.
The property was furnished and lived in by you and your family.
You maintained both properties and lived in each property.
You intend on electing Property A to be your main residence.
You intend on selling Property A.
Relevant legislative provisions
Income Tax Assessment Act 1997 section 118-10
Copyright notice
© Australian Taxation Office for the Commonwealth of Australia
You are free to copy, adapt, modify, transmit and distribute material on this website as you wish (but not in any way that suggests the ATO or the Commonwealth endorses you or any of your services or products).
