Hi Team
One of our client has 2 properties in Sydney both of them are rented out at the moment. They had a plan to knock down and rebuild one of the property however due to increase in building expense and interest, the plan to rebuild the property has been shelved.
They are now considering selling the property. The client is currently living in a rented accommodation.
Can I check if the sale of this property can fall under main residence exemption.? I note that the owners have the option to declare one of the property as main residence but they never resided in that property. Please note that this property was purchased in 2021 and it has been rented since then although it was vacant for about 6 months.
Your input would be of great help. thank you.
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