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Edited version of your written advice
Authorisation Number: 1051425961890
Date of advice: 27 September 2018
Ruling
Subject: Capital gains tax
Question
Are you entitled to a full main residence exemption on your overseas property?
Answer
Yes. You won’t have a capital gain on the disposal of your property, as you did not treat any other dwelling as your main residence when you came to Australia. Further information can be found by searching 'QC 52189 on ato.gov.au
This ruling applies for the following period:
Year ended 30 June 2018
The scheme commences on:
1 July 2017
Relevant facts and circumstances
You acquired property overseas in 20XX as sole owner with 100% ownership interest and this was your main residence until you arrived in Australia.
You arrived in Australia in 20XX on a permanent visa.
On arriving in Australia you did not treat any other dwelling as your main residence. You resided in rental properties.
You had a spouse who came to Australia in 20XX on a permanent visa. He/she nominated the dwelling overseas as their main residence and did not treat any other dwelling as their main residence.
Your property overseas was not used to produce income.
You did not acquire an ownership interest in Australian property until 20XX.
You and your spouse acquired an ownership property in Australia in 20XX and moved into this dwelling, making this your new main residence.
You disposed of your ownership interest in your overseas property in 20XX.
Relevant legislative provisions
Income Tax Assessment Act 1997 Section 118-110
Income Tax Assessment Act 1997 Section 118-145