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  • Profile photo of vijaykini1027vijaykini1027
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    @vijaykini1027
    Join Date: 2012
    Post Count: 3
    March 13, 2012 - 11:45 am
    Terryw wrote:
    I would imagine that your interests in the property would be treated separately.

    If you are renting the property out after establishing it as your main residence then the CGT exemption could apply if you have no other residence which you are classing as a main residence

    I hope so Terry ATO looks at it this way.

    Thanks for your reply

    Profile photo of vijaykini1027vijaykini1027
    Member
    @vijaykini1027
    Join Date: 2012
    Post Count: 3
    March 13, 2012 - 11:40 am
    Terryw wrote:
    Good point Catalyst!

    If they were spouses (married or defacto whether same sex or not) then only one main residence between them.

    No we are not spouses, we are mates  and had decided to live in shared accommodation with  our families but then the plan changed.
    Thanks guys for your answers, But i still need to find out wether I will be exempted by CGT or will have to pay it because my friend bought another property.

    Profile photo of vijaykini1027vijaykini1027
    Member
    @vijaykini1027
    Join Date: 2012
    Post Count: 3
    March 13, 2012 - 10:24 am

    Hi Terry,
    Can you please advise me on my strange situation. Me and my friend bought a property in 2007 as a main  residence and we lived there for almost 2 years then we rented it out in 2009.
    Now since then my friend has bought another property as a main residence and I am still renting. So how will six year rule on CGT will apply to us.
    Any answers and by anyone will be greatly appreciated.

    Thanks in advance

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