Private ruling: Capital gains tax – six year absence rule
Date of advice: 2 August 2017
Published: November 2017
Ruling period: 30 June 2017
Date scheme commenced: 1 July 2016

Ruling: Q1: Are you entitled to apply the main residence exemption under the six year absence rule on the disposal of your property? | A1: Yes Having considered your circumstances and the relevant factors, you can fully disregard any capital gains tax under section 118-145 of the Income Tax Assessment Act 1997 . Further information on 'using your home to produce income’ can be found on our website ato.gov.au and entering Quick Code QC52191 into the search bar at the top right of the page.

Relevant facts and circumstances: This ruling is based on the facts stated in the description of the scheme that is set out below. If your circumstances are materially different from these facts, this ruling has no effect and you cannot rely on it. The fact sheet has more information about relying on your private ruling. You purchased a dwelling in 201X and moved into this dwelling as soon as practicable, that became your main residence. You lived in this dwelling for fifteen months from 201X to 201Y. You relocated to another state for work commitments from 201Y. During your absence period you rented out your property for less than five years from 201Y up until the property sold and settled in 201Z. You did not purchase another property.

Relevant legislative provisions: Income Tax Assessment Act 1997 section 102-20 | Income Tax Assessment Act 1997 section 118-110 and | Income Tax Assessment Act 1997 section 118-145.