CGT - Primary Residence Exemption

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Read through the information in the link below. It describes when a dwelling is your main residence and is exempt from CGT. Eligibility for main residence exemption | Australian Taxation Office (ato.gov.au) (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) Note there is no minimum time stipulated that a property has to be your main residence. Main criteria is that your intention was to make the property your home. On sale you declare the CGT event in your tax return then apply an exemption. (main residence exemption) Link explains myTax 2024 Capital gains or losses | Australian Taxation Office (ato.gov.au) (https://www.ato.gov.au/individuals-and-families/your-tax-return/instructions-to-complete-your-tax-return/mytax-instructions/2024/income/australian-income-or-losses-from-investments-or-property/capital-gains#ato-Completingthissection)

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