Australian Expats Beware
When is the Family Home no longer exempt from Capital Gains Tax? Australian Expats Beware.
If you are an Australian Expat living overseas, and own a property in Australia deemed to be your Primary Residence, after 30 June 2020 this property will no longer be exempt from Capital Gains Tax.
This tax will be retrospective to cover any capital gain on the property accumulated over the entire time you have owned the property.
Options to remedy the potential tax implications are to either sell the property prior to the 30 June deadline, in which case you would still receive the full exemption; or to return to Australia to live in the property as your primary residence.