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house under ten year

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WE changed from interstate 6 years ago selling our house there.  Is there any concession for downsizing as we now need to move to a smaller place but cannot answer the question of 10 years home ownserhip even though we have had a house for almost fifty years

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Devotee

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Hi @clliffnotchris 

 

As you may be aware there are eligibility rules for Downsizing-contributions-into-superannuation

 

Based on what you are saying you do not qualify because you do not at the very least meet the 10 year rule, and there are no other exemptions or concessions in regards to that 10 year rule.

 

The ten year rule is in relation to the property that is your current principle place of residence, and it makes no difference if you had a different principle place of residence before or how long you were there.  

 

How the ten year rule works is also covered in this Treasury fact sheet :

How does the 10-year rule work?

You or your spouse must have held the property at all times for the 10 years leading up to the sale. 

You do not have to have lived in the home for all of the last 10 years, but it must meet the test for a ‘main residence’ exemption under CGT rules. You may need to seek advice about this, but generally, it will be okay if you have moved out of your home for several years before the sale.

 

All the best!

 

 

1 REPLY 1

Most helpful response

Devotee

Replies 0

Hi @clliffnotchris 

 

As you may be aware there are eligibility rules for Downsizing-contributions-into-superannuation

 

Based on what you are saying you do not qualify because you do not at the very least meet the 10 year rule, and there are no other exemptions or concessions in regards to that 10 year rule.

 

The ten year rule is in relation to the property that is your current principle place of residence, and it makes no difference if you had a different principle place of residence before or how long you were there.  

 

How the ten year rule works is also covered in this Treasury fact sheet :

How does the 10-year rule work?

You or your spouse must have held the property at all times for the 10 years leading up to the sale. 

You do not have to have lived in the home for all of the last 10 years, but it must meet the test for a ‘main residence’ exemption under CGT rules. You may need to seek advice about this, but generally, it will be okay if you have moved out of your home for several years before the sale.

 

All the best!