EV 1052114816938currentnon-binding advice

Main residence exemption

Non-binding edited private advice. This is an edited version of private advice the ATO gave to a specific taxpayer about their own circumstances. You cannot rely on it — it is not binding and provides no protection for anyone else (see PS LA 2008/4). Use it as a guide to the ATO’s thinking, not as authority.

1

Are you able to choose the Property A as your main residence and use the main residence exemption to disregard any capital gain when it is sold?

2

Yes. Based on the information provided to the Commissioner, you are able to treat the property at Property A as your main residence and receive the main residence exemption to disregard any capital gain when it is sold. You cannot treat any other property as your main residence for the same period. This ruling applies for the following period : Year ending 30 June 202X The scheme commenced on: 1 July 20XX

3

You purchased Property B and lived there as a family for several years. You purchased land at Property A. You had a home built on the land which was completed in a later year. The property was furnished and lived in by you and your family. You maintained both properties and lived in each property. You intend on electing Property A to be your main residence. You intend on selling Property A.

4

Income Tax Assessment Act 1997 section 118-10