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Edited version of private advice
Authorisation Number: 1052328093583
Date of advice: 05 November 2024
Ruling
Subject: Capital gains tax
Question 1
Are you entitled to use the X-year absence rule to disregard any capital gain or loss on disposal of your dwelling?
Answer 1
Yes.
You are entitled to disregard any capital gain or loss when you disposed of the dwelling and continue to treat the dwelling as your main residence because you did not rent the dwelling for periods of greater than X-year limit specified under section 118-145 of the ITAA 1997.
This ruling applies for the following period:
Year ending 30 June 20XX
The scheme commenced on:
1 July 20XX
Relevant facts and circumstances
You acquired the property (Property).
You were the sole owner for the whole period.
It was your main residence, except for a period when it was rented.
The Property was rented out for X months.
The Property was sold.
Relevant legislative provisions
Income Tax Assessment Act 1997 section 102-20
Income Tax Assessment Act 1997 section 104-10
Income Tax Assessment Act 1997 section 118-145