Hi,
If I sell my own principal place of residence after I have renovated it under one year, Will I have to pay capital gains tax? I know if it's your principal place of residence everyone has told me No, however, I don't trust this because it would be 10 mths later and a capital gain of around $60,000 and I don't trust that the ATO will not add tax to that?

Appreciate your feedback

Hi Jule,

if the property was your principal place of residence then it doesnt matter what you did to it, the gain is exempt from capital gains tax.

Your only headache is if you earned business or rental income from the property: eg rented out a room or ran a business from home. then you have an issue where a portion of the property is not exempt, so you would get assessed on a portion of the gain.

hope this helps
brendan

Hello There

There is a general exemption for your principal place of residence.

Check this out for more help.

There will be no CGT

AJ