Menu
 

Demolishing your existing home to build a new home

Did you know that you could receive a full main residence exemption when you demolish an existing home to build a new home?

If you occupied the old residence until destruction, and then moved into the new house within four years, you are deemed to have resided in that new house without a break from the period before the old house was demolished until you moved into the new one. As such, you will be able to receive the main residence exemption from the time the old house was acquired and therefore no capital gains tax when you sell the new house.

For more information, contact us on 02 9957 4033.

Want more tax tips? Follow us @batescosgraveCA

ChineseLanguage Select



Sign up to our monthly client bulletin.