Hi all,
Newby here .. what's an IP?? Just joking!
Having searched your site and that of the ATO's to no avail, I have two questions should any of you care to indulge my asking.
Are the six years calculated from the time of occupation by the tenant on lease or, like claimables, from the day the property was made available for rent?
Upon returning to my PPOR, for how long must I rereside before renting it out again (or having it available for rent – refer Q 1) to qualify for the CGT exemption under this ruling?
Kind regards,
Phil
You must be referring to the 6 year absence rule? s 118-145 ITAA 1997 is the law and it refers to absences, so I would interpret that you can be away from the property for up to 6 years and still treat it was your main residence.
There are also no time limits on living in the property to establish it as the main residence. Presumably 1 day would be enough as long as it genuinely was your main residence see the ATOs POV in TD51 which lists factors relevant in determing this.
See also TD 95/8 and 95/9 for multiple absences under the 6 year rule.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Thanks Terry, I will follow up the TDs as suggested.
TD 95/9 http://law.ato.gov.au/atolaw/view.htm?locid=%27TXD/TD959/NAT/ATO%27&PiT=99991231235958 TD 95/8 http://law.ato.gov.au/atolaw/view.htm?docid=TXD/TD958/NAT/ATO/00001 Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
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