Selling your former principal residence
What is this concession?
If you acquire a new residence but you have not completed the sale of your former residence before 31 December, you may be able to claim an exemption for both residences.
Eligibility
This exemption will apply if:
you dispose of the former residence within six months after the relevant taxing date
you became the owner of the new residence during the six months before 31 December
the former residence has not been used or occupied except as your principal place of residence and no income has been gained from the use or occupation of the residence between the preceding 1 July and 31 December, except:
income derived from dual occupancy, or
income derived from a lease or licence entered into by the purchaser under a contract for sale of the former residence for a period prior to completion of the sale
since you became the owner of the new residence it has not been used or occupied except:
as your principal place of residence, or
by a tenant under a lease entered into by the previous owner.
You must also use and occupy the new residence as your principal place of residence by the 31 December immediately following the relevant taxing date, or this concession will be revoked.
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