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 CGT exemption - living/working oversea ?
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By: ecchi.gaijin
17/03/2008
6:57 pm Yahoo! Profile:
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Don't bank on advice from here with a situation like this. Way too complicated to give the correct answer. In particular questions that need to be answered:
Did you maintain residency
Did you establish principle residence with the property you bought from divorce proceeds
There is a 6 year window you can rent out your residence (so long as you do not establish another) so if you meet the previous conditions you may still get the execption. |
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By: summitz5
17/03/2008
1:27 pm Yahoo! Profile:
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- I separated and quickly moved to USA with job transfer June 2002.
- Principal/only family home sold due to pending divorce, my portion used to purchase another property Oct 2002 which I intended to occupy on return to Aust. Property leased to tennants.
- Divorce finalized early 2004.
- I continued to work/live in USA (paid US tax) until March 07 then returned to Australia, continuing to work for same firm.
- Unable to occupy principle residence on return as intended due to ongoing lease commitment for 6 months.
- Property sale finalizes 4/08, proceeds used to buy alternate principle residence.
Question: Am I eligible for partial/full exemption of CGT as this was the only property I owned? If not for divorce, family home would have been retained/leased during my absence and I would have occupied on eventual return to Australia. I maintained Australian bank accounts and returned once/twice annually. |
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