Private ruling: CGT - main residence exemption
Date of advice: 23 October 2024
Published: 2 December 2024
Ruling period: Year ended 30 June 20XX | Year ended 30 June 20 XX | Year ended 30 June 20XX | Year ended 30 June 20XX | Year ended 30 June 20XX | Year ended 30 June 20XX | Year ended 30 June 20XX | Year ending 30 June 20XX | Year ending 30 June 20XX | Year ending 30 June 20XX | Year ending 30 June 20XX | Year ending 30 June 20XX
Date scheme commenced: DD MM 20YY

Ruling: Q1: Can you claim the full Main Residence Exemption provided in section 118-110 of the Income Tax Assessment Act 1997 and disregard any capital gain made on the sale of the property? | A1: Yes. As the property is your main residence, you are eligible to claim the Main Residence exemption.

Relevant facts and circumstances: The property is located at XXXX (the property). The property is less than two hectares in size. You purchased the property on DD MM 20YY and moved in as soon as practicable. You are the sole legal owner of the property, and you have treated the property as your main residence since the date you acquired it. Another person moved into the property in MM 20YY. This person has no legal interest in the property. You have never used the property to generate assessable income and will not use the property to generate assessable income until the date the property is sold. You will continue to be the sole legal owner of the property until the date the property is sold. You will continue to reside at the property and continue to claim the Main Residence Exemption on the property until the date the property is sold.



Relevant legislative provision: Income Tax Assessment Act 1997 section 118-110