Your home
The information in this section applies to dwellings owned or rented out by individuals. It's not relevant for dwellings owned or rented by companies or trusts.
Saving for your first home
If you open a first home saver account, the government will add money to your account and tax your account earnings at a low 15% to help you save for your first home.
Buying and selling your home
Generally, there are no tax implications for the home that you live in, provided you don't use it to produce income and it's on 2 hectares of land or less. You should keep all the records relating to your home so that if your situation changes in the future - for example, you start to rent it out - you don't pay more tax than necessary.
If you have a second property - such as a holiday house or hobby farm - that second property is subject to capital gains tax.
Renting out part or all of your home
You must include rental income in your annual income tax return, and you're entitled to claim income tax deductions for expenses associated with renting. Because you are using your home to produce income, you will have to pay capital gains tax on part of any capital gain when you sell it.
Building or renovating your home
Generally, there are no tax implications if you build or renovate your own home for private purposes.
Home office
If you carry out work at home, but your principal place of business is elsewhere, you may be able to claim a deduction for some of the expenses relating to the area you use at home.
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Renting your home from someone else
If you rent the home that you live in from someone else, there are no tax implications provided you don't use it to produce assessable income.
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Property - home
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Sections within Your home
Last Modified: Wednesday, 1 August 2012