All Topics / Help Needed! / CGT Main Residence Exemption & 6 year rule / Non-residents inability to claim 50% CGT discount

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  • Profile photo of Dark SwanDark Swan
    Member
    @dark-swan
    Join Date: 2012
    Post Count: 5
    February 19, 2013 - 3:03 am

    Greetings all!  First time posting.  I'm presently living overseas, renting out my Principal Place of Residence, and am aware of the 6 year rule in order to claim the CGT exemption upon selling it in the future.  Is anyone aware of exactly just HOW LONG I am required to live in the house again upon return to Australia in order to RESET the 6 years? 

    I am also curious about the new ruling of non-residents no longer being able to qualify for 50% CGT discount at 8 May 2012.  Have any new details been forthcoming?

    Many thanks!

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,213
    February 19, 2013 - 6:02 am

    You are not required to live in the property again.

    s

    ee s118-145 ITAA 1997.

    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

    Profile photo of Dark SwanDark Swan
    Member
    @dark-swan
    Join Date: 2012
    Post Count: 5
    March 12, 2013 - 12:25 pm

    Thank you very much Terry for kindly taking the time to reply.  I'll certainly check out the details.

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