All Topics / General Property / Main Residence Status and CGT

Viewing 2 posts - 1 through 2 (of 2 total)
  • Profile photo of dave ependdave epend
    Member
    @dave-epend
    Join Date: 2012
    Post Count: 1
    October 29, 2012 - 8:59 pm

    Hi

    Can you please advise on this scenario:

    I have rented my property out for 6 years and 8 months

    I am now not cgt exempt under the 6 year rule.

    Even though it is my only property, I have lost my main residence status.

    If I then move back in for a "short time", do I get my main residence status back?

    If I now move out again, do I become cgt exempt for another 6 years?

    thks dave

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,213
    October 30, 2012 - 12:13 am

    yes and yes but you will still be partially hit with CGT.

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    http://www.Structuring.com.au
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au

Viewing 2 posts - 1 through 2 (of 2 total)

You must be logged in to reply to this topic. If you don't have an account, you can register here.