Generally, you can ignore a capital gain or loss you make when you sell your home. However, you may have to pay capital gains tax (CGT) when you sell your home if you have used any part of it for business purposes.
CGT is the tax you pay on any capital gain you make. There is no separate tax on capital gains; rather, it is part of your income tax and you include it in your annual income tax return. You are taxed on your net capital gain at the marginal tax rate that applies to you.
CGT will not apply if any of the following apply:
you operate your business from a rented home
you do not have an area specifically set aside for your business activities
you operate your business through a company or trust.
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