Dan42 wrote:
The 6 year rule doesn't apply, as you have bought another PPOR. You can, however, elect to call your first PPOR, your PPOR for the entire time you owned it. If you do this though, your current home will be subject to CGT when you sell, for the period from when you bought it, to when yousell the first PPOR. It's your choice as to…[Read more]

Quote:
From what you have written you could probably claim the CGT exemption on the sale of the old house. But your new home will not be CGT exempt during this period.There is no nomination needed. you just don't include it in your tax return. Check with your accountant.

Thanks for the reply Terry.By our new home not being exempt, do you mean…[Read more]

HelloWe lived in our old home for 22 years from 1986 to 2008.We moved into our new home then and it is now our PPR.Our old home is now rented out and is income earning.If we sell our old home some time this year 2011 will we have to pay any CGT or are we exempt under the 6 year rule.As we have nominated our new home as our PPR and all our records…[Read more]