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Tax Tips 2

Posted by Paul Wilson

Main Residence Trap

You must live in a house before it can be exempted as your main residence or your spouse or children under 18 must live there. Don’t be caught out as one family did. The parents worked overseas and only came to Australia for holidays. Their children over 18 lived in their house but the parents had never lived there. Unfortunately, it was the parents, not the children’s name on the deed so no main residence exemption.

Please seek advice on your particular circumstances before acting on this information.

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