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Maxing Out Your Main Residence Claims

Published on 27 Aug 2009 | Took place at Leonda by the Yarra, Hawthorn, VIC

This event was part of the Breakfast club series.

Even though most of us have main residences, are we getting the most out of the exemption? The main residence exemption can be difficult to apply, especially in situations where the owners have moved out for a period of time.

This event included coverage of the CGT main residence provisions, using practical examples and case studies to illustrate situations where taxpayers are often misinformed or unaware of the pitfalls or hazards. It also dealt with common situations where the main residence exemption can be used to exempt a greater amount of capital gains from taxation than first thought.

Individual sessions

Maxing out your main residence claims

Author(s):  Robert WARNOCK

This paper covers:

  • what taxpayers need to do to ensure that they actually have a main residence including how long must they live in it
  • provides some tips in maximising the benefit of the "two hectare" boundary
  • explores opportunities with the six year absence rule
  • through case studies, revisits the partial main residence rules
  • explains how combinations of sections can be used to reduce the gain
  • revisits key points that need to be worked through when sub-dividing the family home.
Materials from this session: