Private ruling: Capital gains tax: main residence exemption: overseas property
Date of advice: 15 June 2019
Published: August 2019
Ruling period: Year ended 30 June 20xx
Date scheme commenced: 1 July 20xx

Ruling: Q1: Are you entitled to a main residence exemption, in accordance with section 118-145 of the Income Tax Assessment Act 1997 (ITAA 1997), on the sale of your property? | A1: Yes, the Commissioner considers that the property continued to be your main residence prior to its sale.

Relevant facts and circumstances: You owned a property in Country X (the property). The property was your main residence. You temporarily relocated to Australia in 20xx. Whilst in Australia, you rented out the property. You obtained rental accommodation in Australia. You continued to treat the property as your main residence. The property was rented for a period of less than six years. You permanently relocated to Australia and sold the property.

Relevant legislative provisions: Income Tax Assessment Act 1997 section 118-145