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KoenKampioen(Newbie)Newbie
20 Oct 2023

Hello,


We purchased a house in 2003

This is the history:

Jan 2003 - Jan 2005 our main residence

Jan 2005 - jun 2007 rented out, we were overseas

Jun 2007 - aug 2010 main residence

Aug 2010 - aug 2012 kids lived in it, we were overseas

Aug 2012 - Jan 2023 rented out, we were overseas


We bought the house for 730.000 aud and the selling price now would be around 2.000.000 aud The title is in both my wife's and my name.

I am retired and my wife is working part time. The house is in NSW.


What are the taxes due if we sell the house in June 2024? Just a guideline, no need for accurate numbers.


Kind regards

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249 views
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Most helpful reply

WendyATO(Community Support)Community Support
22 Oct 2023

Hi @KoenKampioen,


It's likely, you be liable to pay capital gains tax with the information you have provided. In certain circumstances you may be eligible for either a full or partial main residence exemption.


You can check out our page called eligibility for main residence exemption and see if you're eligible for a partial exemption. Otherwise, you will pay CGT on the full amount.


We have step by step instructions and a handy CGT calculator how to calculate your CGT yourself on our calculating your CGT page.


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Most helpful reply

WendyATO(Community Support)Community Support
22 Oct 2023

Hi @KoenKampioen,


It's likely, you be liable to pay capital gains tax with the information you have provided. In certain circumstances you may be eligible for either a full or partial main residence exemption.


You can check out our page called eligibility for main residence exemption and see if you're eligible for a partial exemption. Otherwise, you will pay CGT on the full amount.


We have step by step instructions and a handy CGT calculator how to calculate your CGT yourself on our calculating your CGT page.


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