Hi guys,
I've got a quick question about capital gains tax. About ten years ago I bought my first place with my sister. We both lived in it for 6 months. The property then became a rental until 2006 when my sister moved back into the property.She stayed there until 2008. I was also living in Perth at the time with my folks. My understanding is my sister is exempt from capital gains tax because of the 6 year exemption. If were to say I also lived with my sister in 2006/2007. Is there a minimum amount of time I would need to have lived there to qualify for the exemption?
Any advice would be appreciated
naremburn
Did you live there?
If you did then it could be exempt for up to 6 years. What proof do you have you lived there? What proof would the ATO have that you didn't?
No minimum period.
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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