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Extending the main residence exemption

Did you know that you could choose a dwelling that was under construction and the land as your main residence for a period of up to four years before it actually became your residence?

The choice is only available if the constructed house becomes your main residence as soon as practicable after the work is finished and it continues to be your main residence for at least 3 months.

This CGT concession can be useful to those who buy land and then build a new home on the land or those who demolish their existing main residence to build a new home.

For more information, contact Matt Zhou on 02 9957 4033.

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