Generally, you don’t pay capital gains tax (CGT) if you sell the home you live in (under the main residence exemption). You also can’t claim income tax deductions for costs associated with buying or selling your home.
But you should keep all the records relating to your home so that if things change – for example, you start to rent it out or otherwise use it to produce income (such as flipping the property) – you don’t pay more tax than necessary.
A second property, such as a holiday house or hobby farm, is subject to CGT. Similarly, you’re not liable for goods and services tax (GST) when you sell your home and you can’t claim GST credits on any costs associated with buying or selling it (except in some circumstances where you’re in the business of building or renovating properties).
Some states charge stamp duty when you buy a property, including a home. Some states also levy land tax on land that exceeds a certain value, though the property you live in is usually exempt.
Business.gov.au has links to more information about stamp duty and land tax in the various states and territories. Find out more about: