Private ruling: Main residence exemption
Date of advice: 1 July 2021
Published: September 2021
Ruling period: Year ending 30 June 20XX
Date scheme commenced: 1 July 20XX

Ruling: Q1: Are you entitled to a main residence exemption on the sale of the property? | A1: Yes. Based on the information provided to the Commissioner the property was used as your main residence and is therefore exempt from Capital Gains Tax.

Relevant facts and circumstances: The property was purchased by your parent pre 20 September 1985. All lots were used as you and your parent's main residence. Your parent died mid 20XX. You inherited the blocks of land from your parent and remained living in the property as your main residence. You were the sole beneficiary to your parent's estate. The structure of the blocks are as follows: Block 1 - xxxx Block 2 - xxxx Block 3 - xxxx The 3 lots are contained within a single perimeter fence - xxxx fencing adjoining neighbours on each side and xxxx fencing on road frontage. The total size of the blocks is less than 2 hectares. None of the blocks have ever been used for any income producing purpose since their original purchase, having been originally purchased as holiday home by your parent then as your permanent residence. The property sold early 20XY.

Relevant legislative provisions: Income Tax Assessment Act 1997 section 118-100 | Income Tax Assessment Act 1997 section 118-120


This ruling applies for the following period: