Private ruling: Capital gains tax - main residence exemption
Date of advice: 20 February 2020
Published: April 2020
Ruling period: Year ending 30 June 2020
Date scheme commenced: 1 July 2019

Ruling: Q1: Are you entitled to a full main residence exemption on a property if it is sold before 30 June 2020? | A1: Yes. Based on the information you have provided the main residence exemption can be used to disregard any capital gain or loss from the sale of the property before 30 June 2020.

Relevant facts and circumstances: You purchased a property in 20XX. The property was your main residence. You accepted a job overseas and left Australia late 20XX. You continued to treat your property in Australia as your main residence under the absence rule. You commenced renting the property out in early 20XX. The property is less than 2 hectares. You will sell the property prior to 30 June 2020.

Relevant legislative provisions: Income Tax Assessment Act 1997 subdivision 118-B