Hi all,
Fairly new to this but I'm loving the Web site and all the advise.
I know you can rent out your ppor for up to six years and still be exempt from cgt.
But do you have to move back in before you sell it?
Any help would be apreciated.
AdamGday Adam,
I had the same question yesterday and i gave the tax man a call. I also went onto http://www.ato.gov.auand read up on the cgt. as long as you have proof that the property is you r ppor and you haven't bought another property which you are living i then you don't have the cgt. That was the understanding i got for the bloke on the phone. Just b sure that you sell the ppor before the 6 years is up or it is just another IP and it will have the cgt on it.
The taxman said, to that it was your ppor you would need to have mail going there and have it listed as you address on the electoral roll then you are good. Apparently there is know time limit for how long you have to live in the property either
Damo
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