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Edited version of private advice
Authorisation Number: 1052252383616
Date of advice: 24 May 2024
Ruling
Subject: CGT - main residence
Question
Can you disregard the capital gain that you made on the disposal of your Dwelling?
Answer
Yes.
Having considered the relevant factors the Commissioner accepts that you moved into the dwelling as soon as practicable after settlement, and that you occupied the dwelling as your main residence. You made the choice to continue to treat the dwelling as your main residence after you moved out, before returning to live in the dwelling once again.
Therefore, the time that you resided in the dwelling as your main residence, together with the choices that you made after you moved out, covered your entire ownership period.
Further information about the main residence exemption can be found by searching 'QC 69710' on ato.gov.au
This private ruling applies for the following period:
Year ending 30 June 20xx
The scheme commences on:
1 July 20xx
Relevant facts
You and your Spouse acquired a dwelling. (The dwelling)
Settlement took place on xx xx 20xx.
You and your spouse moved your personal belongings into the dwelling. You had the utilities connected. You did not at the time change your address on the electoral role. Your child had some medical complications which placed strain on your family.
You and your spouse were not coping with the change in circumstances and undertook marriage counselling.
You and your spouse decided that you required additional support and made the decision to move in with your parents temporarily.
You and your spouse vacated the dwelling after occupying the dwelling as your main residence for a period of time.
You rented the dwelling to family members.
You made the choice to continue to treat the dwelling as your main residence after you moved out and this covers the period that the dwelling was used to produce assessable income.
You and your spouse were able to return to the dwelling around xx 20xx and you continued to occupy the dwelling as your main residence until the dwelling was recently sold in xx 20xx.
During the period of ownership of the dwelling it has remained your only main residence.
Relevant legislative provisions
Income Tax Assessment Act 1997 section 118-110
Income Tax Assessment Act 1997 section 118-135
Income Tax Assessment Act 1997 section 118-140
Income Tax Assessment Act 1997 section118-145
Income Tax Assessment Act 1997 Part 3-1
Income Tax Assessment Act 1997 Part 3-3