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Edited version of your written advice
Authorisation Number: 1051428791058
Date of advice: 25 September 2018
Ruling
Subject: Capital gains tax (CGT) and the main residence exemption
Question 1
Are you entitled to a partial main residence exemption for your second property?
Answer
Yes. Having considered the relevant factors, the Commissioner considers that you are entitled to the partial main residence exemption. Further information about this exemption can be found by searching ‘QC 52195’ on ato.gov.au
This ruling applies for the following period
Year ended 30 June 20XX
The scheme commences on
1 July 20XX
Relevant facts and circumstances
They purchased the first property after 20 September 1985 and it was then rented.
They purchased their second property and began using it for rental purposes.
They moved into their second Property and began treating it as their main residence.
They later moved into the first property and were absent from the second property.
The second property was sold.
Relevant legislative provisions
Income Tax Assessment Act 1997 section 118-110
Income Tax Assessment Act 1997 section 118-145
Income Tax Assessment Act 1997 section 118-185
Income Tax Assessment Act 1997 section 118-190