A person’s main residence can be their most significant asset. The main residence exemption is (arguably) the most generous exemption for post-CGT assets in the income tax legislation. The eligibility requirements are not onerous, and it is available to young and old rich and poor. However, actions, or inactions, can result in loss of the exemption in whole or part.

Against this background, and in the context of the main residence exemption, what we will address includes:

• Deriving income from a main residence

• Keeping the exemption when demolishing or subdividing

• Succession and deceased estate issues, and

• Absences, especially for foreign residents.