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Navigating the Main Residence Exemption

ATO ‘main residence exemption tips’

Key Considerations for Taxpayers When Selling a Home

The main residence exemption needs to be considered in a variety of situations when a taxpayer sells a property they have lived in.  The ATO hopes that the following tips will help in this regard: 

  • Taxpayers should consider if they have started earning income from their home (in which case they may need to get a market valuation for CGT purposes)
  • When renting out a property that was their main residence, taxpayers need to consider whether to use the 6-year absence rule when they sell their property
  • Taxpayers 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
  • Has the taxpayer’s residency changed?  If so, this may affect eligibility for the exemption. 

At Omnis in West Perth we help retirees, business owners and professionals to manage their financial affairs to build and protect their wealth so they may enjoy a life of financial security and choice. Read more here or contact us on 08 9380 3555.

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Omnis is a strategic accounting and financial planning firm that understands you and your business, and helps you maximise the opportunity you have.

We go beyond numbers and are driven by insight, guidance, and a personalised approach tailored to your unique needs.

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Street address:
Level 2, 7 Rheola Street, West Perth WA 6005

Phone Number:
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