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Edited version of private advice
Authorisation Number: 1052211902924
Date of advice: 16 January 2024
Ruling
Subject: Assessable income
Question
Are the reimbursement payments you received from your employer for the sale of your former home and the purchase of a new home assessable income?
Answer
No.
Based on the information provided to the Commissioner the payments you received from your employer are not assessable under section 6-5 of the Income Tax Assessment Act 1997 (ITAA 1997).
The payments were a reimbursement to you for expenses related to the sale of your former home and the purchase of your new home in the remote location.
This ruling applies for the following period:
Year ended 30 June 2023
The scheme commenced on:
1 July 2022
Relevant facts and circumstances
You are a professional.
You have been transferred to a different area.
Your employer made a number of payments to you in relation to the transfer.
The payments were made to you as a reimbursement of your costs incurred to purchase and sell your former property because of being deemed a transferred officer.
Relevant legislative provisions
Income Tax Assessment Act 1997 section 6-5