If the Hockeys were “normal” expat Australians, Treasurer Scott Morrison would be about to whack them with a surprise $1.1 million capital gains tax bill for selling their family home of 14 years.

Add $500,000 for stamp duty on the new house, a conservative $100,000 commission for the selling agents, something for the removalists … the $1.7+million transaction costs of changing Hunters Hill addresses is beginning to look expensive.

The Hockeys' 'old' home was purchased 14 years ago for $3.5 million. Credit:Craig Bryant

“Hang on,” many readers will be thinking, “the family home is exempt from CGT – it’s the most fundamental Australian tax shelter, neither side of politics would be game to touch it.”

“Oh yes,” a few readers will add, “it’s so fundamental, the Commonwealth is forgoing $74 billion it would otherwise collect this year.”