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titch1973(Newbie)Newbie
21 May 2024

Can myself and my wife buy a house each and have both of those houses classified as our Primary Residence. Is this possible? If so can you please outline CGT impact on selling the property and Stamp Duty when buying. I live in South Australia.

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Taxduck(Taxicorn)Taxicorn
ATO Certified Response21 May 2024

This link explains the main residence exemption (from CGT)

https://www.ato.gov.au/individuals-and-families/investments-and-assets/capital-gains-tax/property-and-capital-gains-tax/your-main-residence-home/eligibility-for-main-residence-exemption

As stated in the link to be exempt from CGT the residence has to be the home of yourself, your partner and other dependents.

If you live apart from your spouse then this link explains the CGT treatment of your respective residences.

https://www.ato.gov.au/individuals-and-families/investments-and-assets/capital-gains-tax/property-and-capital-gains-tax/your-main-residence-home/living-separately-to-your-spouse-or-children

Stamp duty is a state tax and outside the scope of this forum.

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Most helpful replyATO Certified Response

Taxduck(Taxicorn)Taxicorn
ATO Certified Response21 May 2024

This link explains the main residence exemption (from CGT)

https://www.ato.gov.au/individuals-and-families/investments-and-assets/capital-gains-tax/property-and-capital-gains-tax/your-main-residence-home/eligibility-for-main-residence-exemption

As stated in the link to be exempt from CGT the residence has to be the home of yourself, your partner and other dependents.

If you live apart from your spouse then this link explains the CGT treatment of your respective residences.

https://www.ato.gov.au/individuals-and-families/investments-and-assets/capital-gains-tax/property-and-capital-gains-tax/your-main-residence-home/living-separately-to-your-spouse-or-children

Stamp duty is a state tax and outside the scope of this forum.

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