Private ruling: Assessable income
Date of advice: 16 January 2024
Published: 26 February 2024
Ruling period: Year ended 30 June 2023
Date scheme commenced: 1 July 2022

Ruling: Q1: Are the reimbursement payments you received from your employer for the sale of your former home and the purchase of a new home assessable income? | A1: No. Based on the information provided to the Commissioner the payments you received from your employer are not assessable under section 6-5 of the Income Tax Assessment Act 1997 (ITAA 1997). The payments were a reimbursement to you for expenses related to the sale of your former home and the purchase of your new home in the remote location.

Relevant facts and circumstances: You are a professional. You have been transferred to a different area. Your employer made a number of payments to you in relation to the transfer. The payments were made to you as a reimbursement of your costs incurred to purchase and sell your former property because of being deemed a transferred officer.

Relevant legislative provisions: Income Tax Assessment Act 1997 section 6-5