| Disclaimer This edited version has been archived due to the length of time since original publication. It should not be regarded as indicative of the ATO's current views. The law may have changed since original publication, and views in the edited version may also be affected by subsequent precedents and new approaches to the application of the law. 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 your written advice
Authorisation Number: 1051484129685
Date of advice: 26 February 2019
Ruling
Subject: Capital gains tax - Main residence partial exemption
Question
Are you eligible for a partial main residence exemption from Capital Gains Tax if your property is sold and the settlement date is on or before 30 June 2019?
Answer
Yes. Having considered the relevant factors, the Commissioner considers that you are entitled to a partial main residence exemption in accordance with section 118-192 of the Income Tax Assessment Act 1997.
This ruling applies for the following period:
Period ending 30 June 2019
The scheme commences on:
1 July 2018
Relevant facts and circumstances
You and your family relocated from Country A to Country B to commence employment.
You purchased an off the plan apartment in Country B and you and your family moved into the apartment as soon as practicable.
You accepted a position in Country A with the intention of returning to Country B at the conclusion of the role.
For a period of time you leased out your apartment in Country B
For a period of time your apartment in Country B was not used for the purposes of producing assessable income
You do not own any other real property that is subject to Australian capital gains tax