Aussie Expat Podcast

Welcome to the one hundred and sixth episode of the #Expatchat podcast where we discuss the latest tax and financial issues affecting an #Australianexpat. In today’s Expat Chat we revisit the topic of the Main Residence Exemption and the confusion amongst Australian expats that still surrounds the changes that came into play on the 1st of July 2020. With many Australian expats owning property when they leave Australia, especially their former principle place of residence, how this asset is treated when you are a non-resident for tax purposes is completely different to that of an Australian tax resident. The premise behind the Main Residence Exemption is that you can live in a property that you make your principle place of residence, move out of it and rent the property for up to 6 years and should you chose to sell it in that period you do not pay capital gains tax. However should an Australian expat follow this path not only will they pay capital gains tax when they are a non-resident for tax purposes bu