It is said that home is where the heart is. It can also be said that home is where some of the most complex provisions of the tax act lie! The main residence exemption is far-reaching in its effect and so tax practitioners interact with it often. Whilst the ‘basic case’ CGT main residence exemption is reasonably straight forward it doesn’t take long before things get complicated. This session considers some of those more complex issues such as:
- Issues with applying the exemption to dwellings forming part of a deceased estate • Applying the exemption where a dwelling is inherited by a non-resident
- Tips for structuring the ownership of a main residence and/or changing a pre-existing structure: and
- The interaction between the CGT main residence exemption and state based Principal Place of Residence land tax exemptions (which vary between jurisdictions)
and more … Designed for experienced practitioners, this session focuses on practical risk areas, and strategic considerations when advising on involved main residence matters.