I bought a unit in 2003 and started to rent it in september 2004, i have stopped renting it in march 2010. i am looking at selling it, will cgt apply. i heard that if you do not rent the property for more than six years and then sell cgt is exempt. can anyone confirm this
You have not mentioned if you lived in it as your main dwelling till September 2004
If you lived somewhere else was the other property your main dwelling.
Yes you can deem one property as your main residence for up to six years if you lived in it as your main residence and have not claimed another property to be your main residence in the six years.
see
http://www.ato.gov.au/individuals/content.asp?doc=/content/36887.htm
Also mentioned in API magazine July or August edition think it was August as I am subscriber so I get it earlier.P.S.
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