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Edited version of private advice
Authorisation Number: 1051937750618
Date of advice: 10 January 2022
Ruling
Subject: Main residence exemption
Question
Is the gain or loss on the sale of your main residence disregarded?
Answer
Yes.
Having considered your circumstances and the relevant factors, whilst you are an Australian resident for tax purposes you are entitled to disregard the gain or loss from the sale of your main residence.
Further information about foreign residents, temporary residents and changing residency and the impact it has on capital gains tax can be found by searching "QC 64895" on ato.gov.au.
This private ruling applies for the following period:
Year ending 30 June 20XX
The scheme commences on:
1 July 20XX
Relevant facts and circumstances
Both you and your spouse are residents of Australia for tax purposes.
You and your spouse are both temporary residents.
You own a property.
The property has been your main residence since purchase.
You intend to sell the property.
Relevant legislative provisions
Income Tax Assessment Act 1997 section 118-110