The CGT main residence exemption is a significant concession under the income tax laws. However, the provisions are deceptively complex. Taxpayers may not always appreciate the numerous ways in which a full CGT exemption on the sale of the family home can be obtained (as well as inadvertently lost due to periods of absence, demolition, or death).

Rob, Neil, and Edward will consider the following:

• “basic” eligibility criteria and qualifications;

• the significance of “adjacent land” for primary producers;

• retaining the CGT main residence exemption when you are demolishing or subdividing your family home;

• impacts on death and inheriting a dwelling from a deceased; and

• absences including issues for foreign residents in light of the recent legislative changes.