Private ruling: Main residence exemption
Date of advice: 5 May 2023
Published: 19 June 2023
Ruling period: Year ending 30 June 202X
Date scheme commenced: 1 July 20XX

Ruling: Q1: Are you able to choose the Property A as your main residence and use the main residence exemption to disregard any capital gain when it is sold? | A1: Yes. Based on the information provided to the Commissioner, you are able to treat the property at Property A as your main residence and receive the main residence exemption to disregard any capital gain when it is sold. You cannot treat any other property as your main residence for the same period.

Relevant facts and circumstances: You purchased Property B and lived there as a family for several years. You purchased land at Property A. You had a home built on the land which was completed in a later year. The property was furnished and lived in by you and your family. You maintained both properties and lived in each property. You intend on electing Property A to be your main residence. You intend on selling Property A.

Relevant legislative provisions: Income Tax Assessment Act 1997 section 118-10