When should you talk to an accountant?
Renting out the home you live in:
Your principal Place of Residence PPR) is exempt from capital gains tax. If your PPR is rented out, you can still claim the CGT exemption for up to 6 years from the time you start receiving income from the property. If you have owned a rental property for over one year, then you qualify for a 50% capital gains tax discount.
Moving overseas temporary or permanent:
Moving overseas will have an impact on your ability to access the Principal Place of Residence (PPR) exemption and the 50% capital gains tax discount.
Building a new Residential Property:
Building a residential property will potentially have consequences for capital gains tax and GST. If new residential property is sold with 5 years of being built, then 1/11th of the sale price less GST inputs, will have to be remitted to the ATO for GST.
Income tax will also come into play. Were you:
Building the property with the intention of profit making by sale?
Building your Principal Place of Residence (PPR),
Building a rental property that you