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Getting the main residence exemption right

What to Check Before Claiming the Main Residence Exemption

The ATO has the following tips for taxpayers in relation to the CGT main residence exemption.

  • They should consider if they have bought or disposed of property in the past income year.  If they have sold property, were they using it solely as their primary place of residence, earning income from it (rental or business), or was it vacant land?
  • They should understand the applicable record-keeping requirements in relation to property.
  • If they have disposed of vacant land, they are not eligible for the main residence exemption, even if they had intended to build their main residence on the land.
  • They are only eligible for the ‘6-year absence rule’ if the property was their main residence before they rented it out.
  • Broadly, they can only have one property as their main residence at a time – the only exception is the 6-month period when they move from one home to another.

If you need assistance with the above or with completing your tax return, please contact our team in West Perth on 08 9380 3555.

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Justin Flavel

Managing Director

Justin’s experience spans across 20 years in accounting, financial analysis and general business practice.

Although born and bred on the land, Justin’s interest was more in spreadsheets, ledgers, and finance which led him to attend university. In 1992, Justin graduated with a Bachelor of Business majoring in Accounting and Finance. As well as qualifying as a CPA member and becoming a Fellow of the Taxation Institute of Australia, he began gaining practical experience in small and mid-tier accounting practices.

During the late 90s, Justin decided to expand his horizons and travel through Europe. It was during this time that he seized the opportunity to expand his knowledge on the workings of large organisations by taking on roles in multinational corporations.

Today, Justin’s passion is in facilitating businesses to grow and evolve. His focus is on acting in the role of business mentor to help clients develop the full potential of their businesses. He joins clients on their unique journey, and provides the tools and knowledge they need along the way to make the right decisions.

Justin’s aim for his clients parallels his own philosophy and personal journey—focusing on his own career growth and business success while maintaining balance in his life with his wife and three daughters.

Omnis Group Managing Director - Justin Flavel