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Partial main residence exemption

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Reference no: EM132420590

(Partial main residence exemption)

Benita Ford, a resident taxpayer purchased a house on 30 June 2008 which she used as her main residence for 2 years until 30 June 2010. She then leased the property to tenants for 8 years until the property was sold on 30 June 2018. Benita will apply the main residence exemption for 6 years of this period.

  • The house was originally purchased for $420,000.
  • The market value of the property on 30 June 2009 was $475,000.
  • The house was sold for $705,000.

Benita did not dispose of any other assets during the 2017/18 tax year.

Required:

Calculate Benita's Net Capital Gain in respect of the 2017/18 tax year (after allowing for the partial main residence exemption).

Reference no: EM132420590

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