Show download pdf controls
  • 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