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Edited version of private advice
Authorisation Number: 1051633426028
Date of advice: 6 February 2020
Ruling
Subject: Capital Gains Tax - Main residence exemption
Question
Are you entitled to the main residence exemption?
Answer
Yes.
Based on the information provided to us, the Commissioner is satisfied that the property meets the definition of a dwelling for capital gains purposes.
This ruling applies for the following period:
Year ending 30 June 2020
The scheme commenced on:
1 July 2019
Relevant facts and circumstances
You purchased a property.
This property was zoned commercial.
You lived in this property as your main residence for the whole of your ownership period.
You never ran a business from this property or used it to produce assessable income.
The property was renovated prior to you moving in.
You moved in as soon as practicable after you purchased the property.
You sold the property in 2020 income year.
Relevant legislative provisions
Income Tax Assessment Act 1997 Section 118-100
Income Tax Assessment Act 1997 Section 118-115