CGT exemption for main residence

Hi all,

Just wondering, I realise if I'm living overseas as a foreign resident I can't claim the CGT exemption for my former main residence if I was to sell it. If I was to return to Australia and live in the house as a resident in Australia then sell, can I claim the full CGT exemption or does it get pro-rated based on the time I was a foreign resident versus time I was a resident of Australia? The ATO website doesn't address what happens if you return to Australia as a resident and sell the house.

Thanks

 

Yes it will be on pro rata basis unless you are within the 6 year rule, then no CGT payable

 

So foreign residents can still claim CGT exemption on their former primary residence? I understand this rule in terms of Australian residents who turn their PPOR into an IP but unsure whether this also relates to residents that become foreign residents.

 

A person who has been non-resident must return to Australia and recommenc etaxresidency and satisfy a 6 month requirement prior to selling. In that case, all PAST main residence exemptions (actual or absence based) are restored excepting any taxable period which will lose any CGT discount for the days they were absent. Any days aftre they return (eg 6 months) are eligible for discount.

Foreign tax residents whether former residents or citizens (or not) CANNOT claim any CGT exemptions or discounts otherwise excepting some complex and very limited concessions. Seek personal tax advice.