EV 1052328093583currentnon-binding advice

Capital gains tax

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

1 Are you entitled to use the X-year absence rule to disregard any capital gain or loss on disposal of your dwelling?

2

1 Yes. You are entitled to disregard any capital gain or loss when you disposed of the dwelling and continue to treat the dwelling as your main residence because you did not rent the dwelling for periods of greater than X-year limit specified under section 118-145 of the ITAA 1997. This ruling applies for the following period : Year ending 30 June 20XX The scheme commenced on: 1 July 20XX

3

You acquired the property (Property). You were the sole owner for the whole period. It was your main residence, except for a period when it was rented. The Property was rented out for X months. The Property was sold.

4

Income Tax Assessment Act 1997 section 102-20 Income Tax Assessment Act 1997 section 104-10 Income Tax Assessment Act 1997 section 118-145