Capital Gains Tax Exemption - How long to live inside to qualify

Hello everyone,

Bought an investment property 3 years ago but never lived in it, with tenants lease about to end, if I were to move in and registered everything to that address for documentation and proof and then moved out in a short time period of say 1-2 months, could I qualify for the 6 year CGT exemption if I were to ever sell it in the future?

If not any recommendations or ideas how long I would need to live to qualify?

I'm in Queensland if that helps.

Many Thanks!

 

Potentially but only going forward. The main residence exemption could never apply in full

 

To commence the exemption it must first be your MAIN residence. And a intention to reside for a short period and move out doesnt pass muster either. There are various cases on this issue and it generally considers no specific time limit but an intention to reside there for a foreseeable period as your main residence and not depart. That can however be a few days in some cases but a reason for the sudden departure would be required if later reviewed. eg You were deployed by army who is your employer to another state.

The MRE also looks at a spouse, family and defacto too. If you live with them you cant necessarily commence a new MRE unless you both move in and also move out of the existing place. eg All furniture possessions and live there.