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any capital gain tax?

I'm new

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Hi ATO

 

Jan 2019 - i (who resided in China) bought a townhouse in Aus (under a PRE-existing lease til Sep 2019) with the intention of moving in (from China) as my prinicpal place of residence in Dec 2019

 

Mar 2019 - the settlement of my purchase of the townhouse took place and i started earning rent from the townhouse until Sep 2019 (when the tenant moved out)

 

Sep 2019 - tenant moved out

 

Dec 2019 - I left China and migrated to Aus and moved into the townhouse (as my principal place of residence)

 

Nov 2020 - I sold this townhouse (my principal place of residence)

 

Any CGT?  If so, how to calculate?

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Most helpful response

ATO Community Support

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Hi @wdygfy,

 

Your main residence is generally exempt from capital gains tax, even if you did rent the property out at some point, as long as you're a resident for tax purposes at the time of disposal.

 

From the information you've given, you're likely an Australian resident for tax purposes, so you could be eligible to apply the main residence exemption. Smiley Happy

1 REPLY 1

Most helpful response

ATO Community Support

Replies 0

Hi @wdygfy,

 

Your main residence is generally exempt from capital gains tax, even if you did rent the property out at some point, as long as you're a resident for tax purposes at the time of disposal.

 

From the information you've given, you're likely an Australian resident for tax purposes, so you could be eligible to apply the main residence exemption. Smiley Happy