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Re: CGT and 6 years absence rule

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Newbie

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In light with the CGT application for expats applied since December 2019: I am an Australian citizen currently working in Europe. I am a non-resident for tax purpose. I own and have been renting out my house for 4 years alreay. I will return to Australia and become a resident for tax purpose by the end of this year. I am planning to live in my house first and then sell it within 6 months since my return to Australia. Question:  Will I be exempt from the CGT on a basis that I will be an Australian resident for tax purpose, selling my own house which was rented out for no more than 6 years?

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ATO Certified

Community Support

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Hi @Ana1

 

Welcome to the community! We love to see a first post. (:

 

Based on what you have said above the normal Main Residence Exemptions should apply as long as your are under the 6 year absence rule and have now once again become an Australian Resident for Tax Purposes.

 

Check out this link too. It talks to your query. See Foreign residents and main residence exemption.

Note: This change only applies if you are NOT an Australian resident for tax purposes at the time of the disposal (when you sign the contract to sell the property).

 

We look forward to your next post.

Kind regards

MarkA

1 REPLY 1
Highlighted

Best answer

ATO Certified

Community Support

Replies 0

Hi @Ana1

 

Welcome to the community! We love to see a first post. (:

 

Based on what you have said above the normal Main Residence Exemptions should apply as long as your are under the 6 year absence rule and have now once again become an Australian Resident for Tax Purposes.

 

Check out this link too. It talks to your query. See Foreign residents and main residence exemption.

Note: This change only applies if you are NOT an Australian resident for tax purposes at the time of the disposal (when you sign the contract to sell the property).

 

We look forward to your next post.

Kind regards

MarkA