I own a property in Australia where I plan to live in future. How will capital gains tax (CGT) apply to me when I eventually sell?

Under Australian tax law, Capital Gains Tax is payable on the capital gain realised when you sell an investment property. However, there is an exemption for properties that are deemed to be your "Principal Place of Residence". Where the use of a property has been spread between an investment property and your Principal Place of Residence, in general any tax will be assessed on a pro rata basis.

For example, if you buy an investment property and rent it out for 4 years, then live in the property for a further 6 years, when you sell you CGT will be assessed on 40% of the capital gain. This is a very basic overview. There are a number of variations which can save you a significant amount in tax.

Please talk to a KlearPicture consultant to discuss your specific situation. More.

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