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CGT on Principle Residence

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Our principal residence (family home) is in NSW and is 8 hectares in size.  We have lived here for over 20 years and plan to downsize.

 

Our residence has been used solely as our family home for the entire time, it as never been used to generate an income from the land, and it has never been rented.

 

My question is - when we sell our home, will we need to pay CGT on part of the property?

 

 

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Devotee

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Based on the facts you have presented, you should be eligible for the Principal Place of Residence exemption - and as such, no CGT will arise on the disposal of your property (and in the unlikely event of a loss, no capital loss is allowed either).

1 REPLY 1
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Most helpful response

Devotee

Replies 0

Based on the facts you have presented, you should be eligible for the Principal Place of Residence exemption - and as such, no CGT will arise on the disposal of your property (and in the unlikely event of a loss, no capital loss is allowed either).