ATO’s Main Residence Exemption Tips

The main residence exemption needs to be considered in a variety of situations when a taxpayer sells a property they have lived in. The ATO hopes that the following tips will help in this regard:

  • Taxpayers should consider if they have started earning income from their home (in which case they may need to get a market valuation for CGT purposes).
  • When renting out a property that was their main residence, taxpayers need to consider whether to use the 6-year absence rule when they sell their property.
  • Taxpayers can only have one property as their main residence at a time. The only exception is the 6-month period when they move from one home to another.
  • Has the taxpayer’s residency changed? If so, this may affect eligibility for the exemption.

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Warren Kruger

Specialist Tax Consultant - “Helping YOU Pay The Correct Tax And Not A Penny More”. My story starts on Christmas Eve, back in 1983 in South Africa.

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