Private ruling: CGT - temporary resident
Date of advice: 26 July 2023
Published: 11 September 2023
Ruling period: Year ended 30 June 20XX
Date scheme commenced: 1 July 20XX

Ruling: Q1: Is the capital gain from the sale of your overseas property included in your assessable income in Australia? | A1: No . You are a temporary resident of Australia for taxation purposes and your overseas property was not taxable Australian property. Therefore, your assessable income in Australia does not include any capital gain made from the sale of your overseas property.

Relevant facts and circumstances: You are a resident of Australia for taxation purposes. You are not an Australian citizen. You do not have an Australian spouse. You are a citizen of both Country A and Country B. You are living in Australia under a temporary visa. You own a property in Country A. You sold that property and made a capital gain.

Relevant legislative provisions: Income Tax Assessment Act 1997 section 6-5 | Income Tax Assessment Act 1997 section 6-10 | Income Tax Assessment Act 1997 section 6-15 | Income Tax Assessment Act 1997 Part 3-1 | Income Tax Assessment Act 1997 section 768-910 | Income Tax Assessment Act 1997 section 768-915 | Income Tax Assessment Act 1997 Division 855