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lenbean(Newbie)Registered Tax Professional
2 Oct 2021

How long must a person stay at this property before selling to avoid CGT?

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426 views
1 replies

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BlakeATO(Community Support)Community Support
ATO Certified Response6 Oct 2021

Hi @lenbean The time before it was their main residence cannot be exempt from CGT. The time after it became their main residence may be exempt under the treating a former home as a main residence rule, but this can't be applied retroactively. This means that unless the property has been their main residence previously, the time it wasn't their main residence will be liable for CGT. It will depend on the exact circumstances of their situation. You can read about treating a former home as a main residence on our website: https://www.ato.gov.au/Individuals/Capital-gains-tax/Property-and-capital-gains-tax/Your-main-residence-(home)/Treating-former-home-as-main-residence/

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Most helpful replyATO Certified Response

BlakeATO(Community Support)Community Support
ATO Certified Response6 Oct 2021

Hi @lenbean The time before it was their main residence cannot be exempt from CGT. The time after it became their main residence may be exempt under the treating a former home as a main residence rule, but this can't be applied retroactively. This means that unless the property has been their main residence previously, the time it wasn't their main residence will be liable for CGT. It will depend on the exact circumstances of their situation. You can read about treating a former home as a main residence on our website: https://www.ato.gov.au/Individuals/Capital-gains-tax/Property-and-capital-gains-tax/Your-main-residence-(home)/Treating-former-home-as-main-residence/

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CGT situation if a person moves into his rental property and ot becomes his principal residence | ATO Community