Private ruling: The main residence exemption
Date of advice: 22 May 2018
Published: July 2018
Ruling period: Year ending 30 June 201X
Date scheme commenced: 1 July 201X

Ruling: Q1: Are you entitled to a full main residence exemption on your property? | 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 52189 into the search bar at the top right of the page.

Relevant facts and circumstances: In 19XX you purchased a property in Country A. You moved in straight away. At the time of purchasing the property you were residents of Country A. In early 20YY you became residents of Australia for tax purposes. You have continued to reside in Australia. You purchased a property in Australia. You moved in straight away. You continued to treat your property in Country A as your main residence. For the time you have been living in Australia the Country A property has either been vacant or it has been occupied by relatives. You have never charged you relatives rent to stay in the Country A property. You have paid all expenses associated with the Country A property. You recently put the Country A property on the market and anticipate it will be sold soon.

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