| Disclaimer 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 private advice
Authorisation Number: 1051990876220
Date of advice: 3 June 2022
Ruling
Subject: CGT - main residence
Question
Are you entitled to the main residence exemption on the sale of your house?
Answer
Yes. You are entitled to the full main residence exemption when you sell your house because:
• you own the house as an individual Australian tax resident
• the house is your main residence and it's not used for income producing purpose throughout your whole ownership period, and
• the land which contains the house is less than two hectares.
Therefore, any capital gain or capital loss you make from the sale of the house will be disregarded.
Further information about the main residence exemption can be found by searching 'QC 66028' on ato.gov.au
This ruling applies for the following periods:
Year ending 30 June 20XX
Year ending 30 June 20XX
The scheme commences on:
1 July 20XX
Relevant facts and circumstances
You purchased a house in 20XX and you are the individual sole owner.
The house has been your main residence since the date of purchase; and you will continue to reside at that house until it is sold.
You are a temporary resident on a special category visa from Country A; and you are a citizen of that country.
You are an Australian resident for taxation purposes and will continue to be an Australian tax resident when the house is sold.
The house was listed for sale on 30 April 20XX.
The house is expected to be sold by 30 June 20XX.
The house has never been used for income producing purposes for the entire ownership period.
The land which contains the house is less than two hectares.
Relevant legislative provisions
Income Tax Assessment Act 1997 section 118-110