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andrewgell(Initiate)Initiate
1 Mar 2023

We currently are homeowners in Melbourne and dual UK and AUS citizens with zero UK income or Assets. If we found a regional property here in AU that we fancied retiring to in a few years at an attractive price now are we able to buy that property with savings now and just keep empty, then carry on living in Melbourne till retirement. Sell our Melbourne house whilst still living in it and then on selling it move to the retirement house without any CGT liability either for us or the people we would leave it to for inheritance after we die.

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1,122 views
3 replies

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Bruce4Tax(Taxicorn)Taxicorn
2 Mar 2023

The main residence CGT exemption can only apply to one property at a time.


If you claim MR exemption, for the property you are living in now, then the new property will always have a pro rata CGT liability for the time before you move in.


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Most helpful reply

Bruce4Tax(Taxicorn)Taxicorn
2 Mar 2023

The main residence CGT exemption can only apply to one property at a time.


If you claim MR exemption, for the property you are living in now, then the new property will always have a pro rata CGT liability for the time before you move in.


andrewgell(Initiate)Initiate
6 Mar 2023

Thanks @Bruce4Tax so the appropriate action would be to get a formal valuation made when we moved into a new property as potentially there may not actually be a gain in an environment where property prices are potentially falling?

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