Hi! This is my first post here.
I am from Argentina. We are in the long wait for our Skilled Indep Application to be processed, and I started to think about what to do with the house (among many other things to solve, of course).
We own our house, we bought it 5 years ago. Due to Market and Exchange conditions, now our house is worth around 20% less than our buying price (hopefully).
I read that selling your "main residence" does not imply a Capital Gain in your first Tax Year... But I would like to be able to count a Capital Loss!! Is this possible?
If it is possible, what documentation do we need to prove the buying-selling price difference? Should we sell the house after getting our Tax File Number? Would there be a time limit?
I would appreciate advice or information as to where to look for (I already walked through ATO pages, so I have many more questions:-))).
Thanks
Sylvia.