Private ruling: Capital gains tax
Date of advice: 5 November 2024
Published: 16 December 2024
Ruling period: Year ending 30 June 20XX
Date scheme commenced: 1 July 20XX

Ruling: Q1: Are you entitled to use the X-year absence rule to disregard any capital gain or loss on disposal of your dwelling? | A1: Yes. You are entitled to disregard any capital gain or loss when you disposed of the dwelling and continue to treat the dwelling as your main residence because you did not rent the dwelling for periods of greater than X-year limit specified under section 118-145 of the ITAA 1997.

Relevant facts and circumstances: You acquired the property (Property). You were the sole owner for the whole period. It was your main residence, except for a period when it was rented. The Property was rented out for X months. The Property was sold.

Relevant legislative provisions: Income Tax Assessment Act 1997 section 102-20 | Income Tax Assessment Act 1997 section 104-10 | Income Tax Assessment Act 1997 section 118-145