Private ruling: Main residence exemption and absences
Date of advice: 27 June 2017
Published: October 2017
Ruling period: Year ending 30 June 2017
Date scheme commenced: 1 July 2016

Ruling: Q1: Will you be entitled to the full main residence exemption? | A1: Yes. Having considered your circumstances and the relevant factors the Commissioner has determined that full main residence exemption would apply under sections 118-110 and 118-145 of the ITAA 1997. Further information on the main residence exemption and absences can be found on our website ato.gov.au and entering Quick Code QC 17185 into the search bar at the top right of the page.

Relevant facts and circumstances: You purchased a property in early 20XX. You moved in to the property when it settled. In late 20XX you moved out of the house and put it up for rent. In early 20YY you started renovations on your house. Your renovations were completed in late 20YY and you promptly moved back into the house. Due to financial pressures and other commitments you decided to sell your home. Initially you attempted to sell the property via an auction which was unsuccessful. With the property still up for sale you decided to move out of the property again. You found a tenant and in early 20ZZ a lease agreement was signed and you vacated the property. The property was then sold in late 20ZZ. This was the only property you owned or considered your main residence throughout the ownership period.

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