Hi all, Apologies if this has been done to death before, but I wanted to ask these quesitons specific to my situation as I am a tax novice. I purchased a unit in NSW in 2017 and lived in it for 6 months (I received the FHOG). Subsequently, I moved back with my parents and have held this unit as a PPOR since mid 2018. However, I have kept my name at this address on the electoral roll from inception. Is this property subject to CGT if I sell it within 7 years of purchase? How is CGT
Sorry, fat fingers. My last question should have stated "How is CGT calculated if I sell this unit 7 years after purchase date?
it partly depends on whether you have another ppor in the next 5 years. are you currently renting this out?
Possibly not. However if you claim exemption for the time you occupied and then a further 6 years from the date you moved out then it may be 100% tax free but any other property you occupy (even if its owned by spouse , defacto) may be affected. Only one property can be exempt at any one time. If the calcs were that there was no profit it may be wise NOT to claim an exemption and leave any subsequent property to be exempt for its period of time. You make the choice at the earlier of the first sale of either property in the manner of how you calculate and report the CGT outcome
