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Can you apply the main residence exemption to disregard any capital gain made when you dispose of the Property?

Yes. The Property is not more than 2 hectares in area. You have lived there from when you acquired an ownership interest in it and will continue to do so until you sell it. Consequently, you will be entitled to a main residence exemption when you dispose of it. This ruling applies for the following periods : Year ending 30 June 20XX Year ending 30 June 20XX Year ending 30 June 20XX Year ending 30 June 20XX The scheme commences on: 1 July 20XX

You are the owner, together with your child, of the Property which is held as tenants-in-common in equal shares. The Property is less than 2 hectares in size. Your child has lived in the Property for brief periods of time. You have continuously lived in the Property since it was purchased and do not own any other property. The Property has never been used to produce assessable income. You wish to move and are attempting to acquire your child's interest in the Property. Once you have acquired your child's interest in the Property you will purchase another property and then sell the Property. You will continue to live in the Property until it is sold.

Income Tax Assessment Act 1997 section 118-110