Hi to everyone. If I lived in my PPOR then started renting it out on 1/1/2003 until 31/12/2010. I should pay 2 years CGT. I then moved back in and started living it from 1/1/2011. A year later on I moved out and rented it out again on the 1/1/2012. I rented it out until I sold the property on the 31/12/2016. Does anyone know how many years CGT I pay? I think it is either 2 years or 7 years. Thanks
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/
So according to Section 118-145 I should pay 2 years CGT from the first time i rented it out. The second time I rented it out was less then 6 years so no CGT. If i bought the property on the 1/1/2002 I owned the property for 15 years. So 2/15th is liable for CGT.
assuming you only apply the main residence absence provisions to this property. 1/1/2003 to 1/1/2009 applying the main residence absence provisions. 1/1/2009 to 31/12/2010 then subject to partial subject. reset occurs when you move back in so 1/1/2012 to 1/1/2018 can start the rule over again. third element costs may well wipe out any capital gain so get together all those records while you were living in the property. interest, council rates, water rates, insurance, repairs and maintenance, etc.
