Private ruling: CGT - absence rule
Date of advice: 18 January 2023
Published: 6 March 2023
Ruling period: Year ending 30 June 20YY | Year ending 30 June 20YY
Date scheme commenced: 1 July 20YY

Ruling: Q1: Can you use the absence rule to treat the property as your main residence for up to 6 years? | A1: Yes. Based on the information provided to the Commissioner you can use the absence rule in section 118-145 of the Income Tax Assessment Act 1997 to treat your property as your main residence for up to 6 years while you rent it out as an Airbnb property.

Relevant facts and circumstances: You and your spouse purchased the property. The property settled on DD MM YYYY. You and your spouse moved into the property shortly before settlement. You and your spouse continued to live at this property until DD MM YYYY. After you moved out, you and your spouse commenced living in rented accommodation in another area and renting out your property as an Airbnb. You and your spouse are using the absence rule to treat the property as your main residence. You and your spouse are not treating any other property as your main residence.

Relevant legislative provisions: Income Tax Assessment Act 1997 section 118-110 | Income Tax Assessment Act 1997 section 118-145