I have a property, purchased in 1990, which qualifies as my main residence for CGT purposes. Can I move out of the property, rent it out, and continue to treat it as a main residence?
• A: Yes. This can be done for up to six years whilst continuing to call the property a main residence. The main proviso is that no other property is being treated as a main residence for CGT purposes during the absence from the first property. • Q: I am in Australia because I have a two year contract with a local employer and have a temporary working visa. I have been told that I am classified as a temporary resident of Australia. Why is this important? • A: Since July 1, 2006 there has been a new category for people who are temporarily in Australia. People who exhibit the behaviour of a resident and hold a temporary visa granted under the Migration Act of 1958 will be taxed at resident rates. A resident is generally taxed on all income in and out of Australia but a temporary resident is exempt from paying tax on certain classes of income. • Q: What is the difference between resident and non-resident tax rates? A: Non-residents pay tax on all Australian income. They pay tax on every d
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