Private ruling: Capital gains tax
Date of advice: 4 June 2020
Published: July 2020
Ruling period: Year ending 30 June 20XX
Date scheme commenced: 1 July 20XX

Ruling: Q1: Are you entitled to a full main residence exemption on a property if it is sold before 30 June 20XX? | 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 20XX.

Relevant facts and circumstances: You are a non-resident of Australia for taxation purposes. You purchased a property in Australia a number of years ago and lived in it as your main residence. Your parent lived with you. You moved out of the property a while after purchasing the property and moved overseas to live and work. Your parent remained in the property for a number of years. You then rented the property out. When the tenant moved out the property remained vacant until the present day. You do not have any other properties. You intend on selling the property by 30 June 20XX.

Relevant legislative provisions: Income Tax Assessment Act 1997 section 118-110