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jaijagnath108(Newbie)Newbie
11 Feb 2024

Hi ATO Community

Good day. I hope that our community is doing well. I would appreciate your help for knowing the capital gain tax on my property.  We are Australian Citizens and researcher. All taxes and council rates are paid. We owe only one property and that is our main residence.

Here is brief summary about our main residence property:

Bought my property in 21 September 1996 and moved in as a main residence.

Stayed till 2003 in the main residence.

Date of let property   01-07-2003 …

Market value of property on date of let out $600000.00

Moved abroad 31-07-2007 for research work.

Date of stop renting property 31-01-2022

Moved in the main residence and stayed for 2 years.

Sold --- 07 Feb.  2024

Price $2,300,000.0

We would like to know that how much capital gain tax we have to pay and calculation process.

Thanks for your help.

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656 views
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Most helpful response

Most helpful replyATO Certified Response

Deb_ATO(Community Support)Community Support
ATO Certified Response14 Feb 2024

Hi @ddato


That's a bit tricky because it depends if you were eligible to treat your former home as your main residence after you moved out in 2003. Once you've figured that part out, working out how much the capital gain will be is easy using this 8-step simple process.


Check it out here on How do I calculate CGT?

It’ll provide the calculation process for you too.


We also have a handy calculator to use if that’s more your speed. 


When you're looking through the article take note of the main residence exemption or partial exemption and when you've determined your residency see where you fit.

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Ken_Oath(Master)Master
12 Feb 2024

There's many other issues needing consideration and clarification before your question can begin to be answered.

. How many taxpayers, perhaps joint owners of the property ?

. Tenants in common or joint tenants ?

. Are you Australian resident/s for tax purposes ? (Citizenship is not determinant.)

. Did you own another property anywhere in the world that was used as your home during the relevant years ?

. yadda yadda


You really should have a meaningful discussion with an experienced accountant.

Ask your friends and colleagues to recommended a Chartered Accountant, CPA, or Chartered Tax Adviser.

S/he can describe and discuss the many relevant taxing issues, and help you conclude good outcome/s.

Don't forget that any "free advice" you receive in this forum, is worth what you paid for it, ie nil (GST included).



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Most helpful replyATO Certified Response

Deb_ATO(Community Support)Community Support
ATO Certified Response14 Feb 2024

Hi @ddato


That's a bit tricky because it depends if you were eligible to treat your former home as your main residence after you moved out in 2003. Once you've figured that part out, working out how much the capital gain will be is easy using this 8-step simple process.


Check it out here on How do I calculate CGT?

It’ll provide the calculation process for you too.


We also have a handy calculator to use if that’s more your speed. 


When you're looking through the article take note of the main residence exemption or partial exemption and when you've determined your residency see where you fit.

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How to calculate the Capital gain tax on the property in complicated situation | ATO Community