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"You can generally claim the main residence exemption from CGT for your home. To get the exemption, the property must have a dwelling on it and you must have lived in it. You're not entitled to the exemption for a vacant block.
Generally, a dwelling is considered to be your main residence if:
- you and your family live in it
- your personal belongings are in it
- it is the address your mail is delivered to
- it is your address on the electoral roll, and
- services such as phone, gas and power are connected.
The main residence exemption is not based on one factor alone, and the weight given to each varies depending on individual circumstances. The length of time you stay there and your intention in occupying it may also be relevant."
If you do not qualify for the full exemption,
You may be eligible for a partial main residence exemption if:
- the dwelling was your main residence for only part of the period you owned it
- your partner or dependants have separate homes
- you've used part of the property (either the dwelling or the land) to produce assessable income, or
- the land is more than two hectares.
If you're eligible for partial exemption, part of the capital gain or capital loss you make is ignored for tax purposes.
The following link contains information regarding amending your tax assessment:
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