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Generally, you can ignore a capital gain or capital loss from a CGT event that happens to your ownership interest in a dwelling that is your main residence (also referred to as 'your home').
To get full exemption from CGT:
- the dwelling must have been your home for the whole period you owned it
- the dwelling must not have been used to produce assessable income, and
- any land on which the dwelling is situated must be 2 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
- you used the dwelling to produce assessable income, or
- the land on which the dwelling is situated is more than 2 hectares.
Short absences from your home - for example, annual holidays, do not affect your exemption.
Last modified: 04 Mar 2016QC 27527