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Pk1284(Newbie)Newbie
22 Sept 2024

Hi ,


I have a question regarding capital gain tax on a property that I am planning to sell.



This house is built in 2017 and we were in thr house until September 2020.


In September 2020, I have decided to give on lease as we were struck in overseas due to COVID. Since our return to Australia in 2021 April we didn't go back to house and tenants were continuing.

Tenant stayed in the house Sept 2020 to Sept 2024 .


I am planning to sell this property now and buy another house for myself in different suburb.


Since it is under 6 years my understanding is we don't have to pay any capital gain tax. Please advise if my understanding is not correct .


Also,

a).Any other tax I should also be aware off that I have not considered ?

b).Can I deduct the expenses incurred such as agent fees, realestate ads and etc can be claimed as tax back ?

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274 views
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Taxduck(Taxicorn)Taxicorn
22 Sept 2024

If the house was your main residence and exempt from CGT (capital gains tax) before moving out then you can continue to treat the property as your main residence for a period of up to 6 years if rented. (so be exempt from CGT). This link is to the rule.

Treating former home as main residence | Australian Taxation Office (ato.gov.au)

Can't claim any selling costs as these aren't expenses of renting the property. They are expenses of selling the property.

CGT is the only tax to consider when selling real estate under ATO rules. Couldn't say whether there are other taxes.

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Most helpful reply

Taxduck(Taxicorn)Taxicorn
22 Sept 2024

If the house was your main residence and exempt from CGT (capital gains tax) before moving out then you can continue to treat the property as your main residence for a period of up to 6 years if rented. (so be exempt from CGT). This link is to the rule.

Treating former home as main residence | Australian Taxation Office (ato.gov.au)

Can't claim any selling costs as these aren't expenses of renting the property. They are expenses of selling the property.

CGT is the only tax to consider when selling real estate under ATO rules. Couldn't say whether there are other taxes.

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