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Edited version of private advice
Authorisation Number: 1052078805224
Date of advice: 18 January 2023
Ruling
Subject: CGT - absence rule
Question
Can you use the absence rule to treat the property as your main residence for up to 6 years?
Answer
Yes.
Based on the information provided to the Commissioner you can use the absence rule in section 118-145 of the Income Tax Assessment Act 1997 to treat your property as your main residence for up to 6 years while you rent it out as an Airbnb property.
This ruling applies for the following periods:
Year ending 30 June 20YY
Year ending 30 June 20YY
The scheme commences on:
1 July 20YY
Relevant facts and circumstances
You and your spouse purchased the property.
The property settled on DD MM YYYY.
You and your spouse moved into the property shortly before settlement.
You and your spouse continued to live at this property until DD MM YYYY.
After you moved out, you and your spouse commenced living in rented accommodation in another area and renting out your property as an Airbnb.
You and your spouse are using the absence rule to treat the property as your main residence.
You and your spouse are not treating any other property as your main residence.
Relevant legislative provisions
Income Tax Assessment Act 1997 section 118-110
Income Tax Assessment Act 1997 section 118-145