Capital Gains Tax & Your Home

In most cases assets acquired before 20th September 1985 are exempt from capital gains tax.

If your home is acquired after that date it may still be exempt even if you move out & rent it for a period.

If you initially occupy a dwelling as a main residence & after a period move out, it will continue to remain exempt if and;

1. for a maximum period of six years if the dwelling is used to produce assessable income and you do not nominate another dwelling as your sole & principal residence. You are entitled to another maximum period of six years each time the dwelling again becomes & ceases to be your main residence.
2.  Remain exempt indefinitely if it is never used to produce assessable income  & you do not nominate another dwelling as your sole & principal residence.

Keep watching this space for further articles on capital gains tax & main residences.