Private ruling: CGT - main residence
Date of advice: 15 April 2021
Published: June 2021
Ruling period: Year ended 30 June 20xx
Date scheme commenced: 1 July 20xx

Ruling: Q1: Are you entitled to disregard the capital gain made on your 50% share of the property? | A1: Yes. Based on the information provided to us, your 50% share of the property is exempt from Capital Gains tax as the property was your main residence for the period you and your relative owned it.

Relevant facts and circumstances: You and your relative purchased a property. You were a resident of Australia for taxation purposes when you purchased the property. You moved into the property as soon as practicable after you purchased it and lived in the property as your main residence. All services were connected and were in your name and your relatives name. You had your mail sent to the property. Your driver's license listed the property on it. The rates notice listed you and your relative as owners. You moved out of the property several years later and became a non-resident of Australia for taxation purposes. You treated the property as your main residence after becoming a non-resident of Australia until it was sold.

Relevant legislative provisions: Income Tax Assessment Act 1997 section 118-110 | Income Tax Assessment Act 1997 section 118-145