| 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: 1052322522665
Date of advice: 23 October 2024
Ruling
Subject: CGT - main residence exemption
Question
Can you claim the full Main Residence Exemption provided in section 118-110 of the Income Tax Assessment Act 1997 and disregard any capital gain made on the sale of the property?
Answer
Yes.
As the property is your main residence, you are eligible to claim the Main Residence exemption.
This ruling applies for the following periods:
Year ended 30 June 20XX
Year ended 30 June 20 XX
Year ended 30 June 20XX
Year ended 30 June 20XX
Year ended 30 June 20XX
Year ended 30 June 20XX
Year ended 30 June 20XX
Year ending 30 June 20XX
Year ending 30 June 20XX
Year ending 30 June 20XX
Year ending 30 June 20XX
Year ending 30 June 20XX
The scheme commenced on:
DD MM 20YY
Relevant facts and circumstances
The property is located at XXXX (the property).
The property is less than two hectares in size.
You purchased the property on DD MM 20YY and moved in as soon as practicable.
You are the sole legal owner of the property, and you have treated the property as your main residence since the date you acquired it.
Another person moved into the property in MM 20YY. This person has no legal interest in the property.
You have never used the property to generate assessable income and will not use the property to generate assessable income until the date the property is sold.
You will continue to be the sole legal owner of the property until the date the property is sold.
You will continue to reside at the property and continue to claim the Main Residence Exemption on the property until the date the property is sold.
Relevant legislative provision
Income Tax Assessment Act 1997 section 118-110