Living in Your Castle: Main Residence
In This Chapter
Examining what constitutes a main residence
Understanding the tax concessions when purchasing your main residence
Looking at exemption provisions and when you have to pay tax
Finding out how home offices fit in
Transferring property after a relationship breakdown
T he great Australian dream is to own your home, especially your main residence. Owning the very roof you’ve got over your head is something most people would like to experience.
In this chapter, I explain the tax concessions that are available to home owners in some instances. I also look at the rules that you need to comply with to gain these valuable concessions.
Addressing the Issue: This isWhere I Live
A main residence is a place where you and your family normally reside and use for private or domestic purposes. It can include a standalone house, an apartment or unit, a caravan or other mobile home, an underground house, or even a garage or storage room. ...