Main Residence Exemption: How It Affects CGT in Australia

Quick Answer

The main residence exemption can eliminate or reduce Capital Gains Tax (CGT) on your primary home. If your property was your main residence for the entire ownership period, you may be exempt from CGT upon its sale. Specific rules apply if the property was rented out or used for business. Consult Division 118 of the ITAA 1997 for detailed guidance.