ATO’s Focus on CGT Main Residence Exemption (August 2024 Tax Update)
Relevant For:
Australian homeowners.
Key Points:
- Only one property can be claimed as a main residence, except during a 6-month move period.
- Understand the 6-year absence rule if renting out a property that was your family home.
- Consider getting a market valuation if your home generates income.
- Changes in your tax residency may require careful consideration of CGT implications.
- Accurate record-keeping is essential.
Full Article:
The Australian Taxation Office (ATO) has recently highlighted issues with taxpayers incorrectly claiming the main residence exemption when selling their family home.
To help you navigate these complexities and ensure your tax returns are accurate, we outline some of the key points to consider regarding the main residence exemption:
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