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Edited version of private advice
Authorisation Number: 1051947151145
Date of advice: 25 February 2022
Ruling
Subject: CGT - main residence exemption - absence choice
Question
Are you eligible for a full main residence exemption on disposal of your ownership interest in Property A?
Answer
Yes. Having considered your circumstances and all the relevant factors, we accept that you are entitled to claim the main residence exemption for your entire period of ownership of Property A. Further information can be found by searching QC 22168 on our website ato.gov.au.
This ruling applies for the following period:
Year ending 30 June 20XX
The scheme commences on:
1 July 20XX
Relevant facts and circumstances
You purchased a residential property (Property A) several years ago. You purchased Property A as joint tenants, each with a XX% ownership interest.
You lived in Property A for several years.
You purchased another property (Property B). You purchased Property B as tenants-in-common, each with a XX% ownership interest.
You moved into Property B.
You moved out of Property B and sold it a short time later.
You moved back into Property A and stayed there for several years.
Property A was never used to produce assessable income and was vacant for several months.
Property A was sold.
Property B was sold several years prior to Property A.
Relevant legislative provisions
Income Tax Assessment Act 1997 section 104-10
Income Tax Assessment Act 1997 section 118-110
Income Tax Assessment Act 1997 section 118-145