Hi,
We bought our current Principal Place of Residence in 2001 and lived in it until mid 2011. Since that time, the property has been tenanted while we have been living overseas on a work assignment. (We are classified as Non-Residents for tax purposes.)
My question is what will be Capital gains tax implications if we decide to sell the house whilst still living overseas? I heard that there were new rules for CGT applying to non resident investors but I'm not sure if they apply in our case since the property was not originally acquired as an investment (rather as a PPOR).
Any advice or direction where we can find more information on this would be greatly appreciated.
Cheers
Dutchie2504
No 505 discount for non residents. But, depending on your circumstances this could still be exempt as your main residence. Seek professional taxa advice.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
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