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Edited version of private advice
Authorisation Number: 1051955626219
Date of advice: 1 March 2022
Ruling
Subject: CGT - main residence exemption
Question
Will any capital gain arising from the transfer(assignment) of your ownership interest in the Property be disregarded under subsection 118-110(1) of the Income Tax Assessment Act 1997 (ITAA 1997)?
Answer
Yes.
You satisfy the ownership interest requirement in subsection 118-130(1) of the ITAA 1997. When you disposed of your ownership interest, CGT event A1 occurred. As the Property has been your main residence for the whole period of your ownership interest, in accordance with subsection 118-110(1) of the ITAA 1997, you can disregard any capital gain or loss on the disposal of your interest.
This ruling applies for the following period:
Year ended 30 June 20XX
The scheme commences on:
1 July 20XX
Relevant facts and circumstances
You had an ownership interest in a property.
You have transferred that ownership interest to another individual.
The property was your main residence during the entire period you had the ownership interest.
Relevant legislative provisions
Income Tax Assessment Act 1997 section 104-10
Income Tax Assessment Act 1997 subsection 118-110(1)
Income Tax Assessment Act 1997 subsection 118-130(1)