EV 1051937750618currentnon-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

Is the gain or loss on the sale of your main residence disregarded?

2

Yes. Having considered your circumstances and the relevant factors, whilst you are an Australian resident for tax purposes you are entitled to disregard the gain or loss from the sale of your main residence. Further information about foreign residents, temporary residents and changing residency and the impact it has on capital gains tax can be found by searching "QC 64895" on ato.gov.au. This private ruling applies for the following period: Year ending 30 June 20XX The scheme commences on: 1 July 20XX

3

Both you and your spouse are residents of Australia for tax purposes. You and your spouse are both temporary residents. You own a property. The property has been your main residence since purchase. You intend to sell the property.

4

Income Tax Assessment Act 1997 section 118-110