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Will the Commissioner exercise his discretion for the main residence exemption and extend the four year period in accordance with subsection 118-150(4)(a) of the Income Tax Assessment Act 1997 ?

Yes. The Commissioner will exercise his discretion for the main residence exemption and extend the four year period in accordance with subsection 118-150(4)(a) of the Income Tax Assessment Act 1997. This private ruling applies for the following period: year ending 30 June 20XX The scheme commences on: 1 July 20XX

You purchased a vacant lot of land on XXXX to construct your house in which to live. The property address for your home became XXXX After settlement, you undertook to build a main residence but experienced delays due to the area being part of a 'greenfield' development and lacking significant infrastructure at the time in order to make the property habitable. Items such as stormwater drainage took considerable time to install, a point that is noted by the surveyor 's report on XXXX. Despite your best efforts to build your main residence within the four years, you eventually received all the necessary occupancy council approvals and moved into the property on XXXX. You disposed of the property on XXXX.

Income Tax Assessment Act 1997 Section 118-150