6 Year CGT Exemption -

I dont think it can be clearer but I have added some emphasis to Terrys explanation anyway.

 

Hi all,

Didn't want to start a new thread as it looks like its been covered a fair bit on here. Don't mean to hijack a thread either but had a similar question.

I bought the house April 2008 - lived in it for abit while I was at uni until August 2009 when I rented it out. Now in 2016 we have been thinking about moving back into it and moving from Sydney to Wollongong. As it has been rented for say 7 years now I have missed the CGT 6 yr exemption is that correct? As our other idea was to possible sell it and upgrade to something newer also... but as the property has increased from 250k purchase to around 550-600k now id be up for a fair bit of CGT?

Do they apportion it over the years, or would I be slugged for a decent amount if and when I did sell? Or would moving back into it for a few years reset it to PPOR status?

Cheers

 

See
Tax Tip 109: CGT and Being absent from the main residence for more than 6 years https://propertychat.com.au/communi...he-main-residence-for-more-than-6-years.9885/

 

You're a star! Thanks so much so straight forward and easy to understand! Applying it to my situation I can already see there is relief haha


Thanks again TW