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  • Chapter 6-Main residence

    Attention

    Warning:

    This information may not apply to the current year. Check the content carefully to ensure it is applicable to your circumstances.

    End of attention

    Generally, you can ignore a capital gain or capital loss from a CGT event that happens to a dwelling that is your main residence (also referred to as 'your home').

    To obtain full exemption from capital gains tax:

    • the dwelling must have been your home for the whole period you owned it, and
    • the dwelling must not have been used to produce assessable income, and
    • any land on which the dwelling is situated must be two hectares or less.

    If you are not fully exempt, you may be partially exempt if:

    • the dwelling was your main residence during only part of the period you owned it, or
    • you used the dwelling to produce assessable income, or
    • the land on which the dwelling is situated is more than two hectares.

    Short absences from your home, for example annual holidays, do not affect your exemption.

    Note: New terms

    There may be terms in this chapter that are not familiar to you. Refer to chapter 1 in part A for more information or to the Explanation of terms in this guide.

    Last modified: 31 Aug 2010QC 16195