Private ruling: Capital Gains Tax
Date of advice: 19 November 2019
Published: February 2020
Ruling period: Year ended 30 June 2017
Date scheme commenced: 21 November 2016

Ruling: Q1: Did a capital gains A1 event occur upon signing of the contract on XX November 20XX for the sale of the property? | A1: Yes | Q2: Can you apply the main residence exemption to any capital gains made on the sale of the property? | A2: Yes

Relevant facts and circumstances: This ruling is based on the facts stated in the description of the scheme that is set out below. If your circumstances are materially different from these facts, this ruling has no effect and you cannot rely on it. The fact sheet has more information about relying on your private ruling. You entered into a contract to sell your property, and this property was your principal place of residence for the entire period of your ownership. You passed away. The payment of the bank guarantee was paid to the Estate.

Relevant legislative provisions: Income Tax Assessment Act 1997 Section 104-10 | Income Tax Assessment Act 1997 Section 104-25 | Income Tax Assessment Act 1997 Section 104-35 | Income Tax Assessment Act 1997 Section 118-110