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Is any capital gain or capital loss you make due to the sale of the property disregarded?

No. This private ruling applies for the following period Year ending 30 June 20xx Year ending 30 June 20xx Year ending 30 June 20xx The scheme commenced on: 1 July 20xx

You acquired a dwelling (the dwelling) off the plan some years ago. The settlement for purchase of the dwelling occurred about three years later. You were posted overseas in your employment while construction was underway. You returned to Australia after construction was completed and were posted to another State. You currently reside in rented accommodation. The dwelling has been used to earn assessable income shortly after construction was completed and continues to do so. You intended to reside in the dwelling as your main residence however you have not been able to do so. You will sell the dwelling during the period covered by this private binding ruling.

Income Tax Assessment Act 1997 Section 102-20 Income Tax Assessment Act 1997 Section 104-10 Income Tax Assessment Act 1997 Section 118-110 Income Tax Assessment Act 1997 Section 118-145 Income Tax Assessment Act 1997 Subsection 118-145(2) Detailed reasoning Capital gains tax (CGT) Your net capital gain is included in your assessable income by section 102-5 of the Income Tax Assessment Act 1997 (ITAA 1997). Your net capital gain is calculated by subtracting any capital losses that you may have accrued from your capital gains made in that income year. You make a capital gain or capital loss as a result of a CGT event (section 102-20 of the ITAA 1997). The most common event is CGT event A1. CGT event A1 happens when a person disposes of an asset to someone else. You are deemed to have dispose