Private ruling: Main Residence Exemption
Date of advice: 22 March 2019
Published: May 2019
Ruling period: Year ended 30 June 2014 | Year ended 30 June 2015 | Year ended 30 June 2016 | Year ended 30 June 2017 | Year ended 30 June 2018
Date scheme commenced: 1 July 2013

Ruling: Q1: Am I entitled to a principal residence exemption for a CGT event if I work overseas? | A1: Yes As you and your spouse have elected the property in Australia as your main residence you are eligible to claim the Main residence exemption.

Relevant facts and circumstances: You were born in Country X. You are in Australia on DF / 890 Visa that expires 1/9/20XX You purchased a property in xxx 20XX at X The size of the land is 700 square metres. Your spouse and children live in the property and consider it their main residence. You travel overseas to work. When you are in Australia you live in the property with your family, You and your spouse consider the property your main residence. You owned your own home in Country X which is currently leased out. You have been offshore 103 days in 2019, 324 days in 2018, 279 days in 2017, 298 days in 2016 260 days in 2015, 280 days in 2014 and 298 days in 2013. Your property in Australia has not been used to generate income. You want to sell the property.

Relevant legislative provisions: Section 118-170 of the Income tax Assessment Act 1997 (ITAA 1997)