Private ruling: Capital Gains Tax - Main residence exemption
Date of advice: 6 February 2020
Published: March 2020
Ruling period: Year ending 30 June 2020
Date scheme commenced: 1 July 2019

Ruling: Q1: Are you entitled to the main residence exemption? | A1: Yes. Based on the information provided to us, the Commissioner is satisfied that the property meets the definition of a dwelling for capital gains purposes.

Relevant facts and circumstances: You purchased a property. This property was zoned commercial. You lived in this property as your main residence for the whole of your ownership period. You never ran a business from this property or used it to produce assessable income. The property was renovated prior to you moving in. You moved in as soon as practicable after you purchased the property. You sold the property in 2020 income year.

Relevant legislative provisions: Income Tax Assessment Act 1997 Section 118-100 | Income Tax Assessment Act 1997 Section 118-115