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20 May 2022

My brother and I own a property together 50/50. He is now buying my share to own the property 100%.

Do I have to pay capital gains tax when he buys me out? We bought the property in 2017 and I lived there till 2020 and then moved in with my new partner. Is the property still classed as my main residence as I havnt purchased another? Making me exempt from paying capital gains tax? My bother still lives in the property with his partner.

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417 views
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Bruce4Tax(Taxicorn)Taxicorn
20 May 2022

Is the property still classed as my main residence as I havnt purchased another?


Yes, up to 6 years - so you should be exempt from CGT.




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Most helpful reply

Bruce4Tax(Taxicorn)Taxicorn
20 May 2022

Is the property still classed as my main residence as I havnt purchased another?


Yes, up to 6 years - so you should be exempt from CGT.




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capital gains tax- main residence exemption | ATO Community