Private ruling: Capital gains tax - Main residence partial exemption
Date of advice: 26 February 2019
Published: May 2019
Ruling period: Period ending 30 June 2019
Date scheme commenced: 1 July 2018

Ruling: Q1: Are you eligible for a partial main residence exemption from Capital Gains Tax if your property is sold and the settlement date is on or before 30 June 2019? | A1: Yes. Having considered the relevant factors, the Commissioner considers that you are entitled to a partial main residence exemption in accordance with section 118-192 of the Income Tax Assessment Act 1997 .

Relevant facts and circumstances: You and your family relocated from Country A to Country B to commence employment. You purchased an off the plan apartment in Country B and you and your family moved into the apartment as soon as practicable. You accepted a position in Country A with the intention of returning to Country B at the conclusion of the role. For a period of time you leased out your apartment in Country B For a period of time your apartment in Country B was not used for the purposes of producing assessable income You do not own any other real property that is subject to Australian capital gains tax