cgt queries

Discussion in 'Accounting & Tax' started by Fernfurn, 13th Aug, 2016.

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  1. Fernfurn

    Fernfurn Well-Known Member

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    want to give the right advice to a friend. Is the cgt free period on a previous ppr still 7years? they left their old ppr and rented it out while they decided whether to stay in the new town. after a while they bought a new ppr and now want to stay in the new town and sell their old ppr but want to clarify the cgt free info
     
  2. Phantom

    Phantom Well-Known Member

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  3. Marg4000

    Marg4000 Well-Known Member

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    They all have to look at both properties. If they claim the CGT exemption for one then the other won't qualify as you can only have one at a time.

    And it is a 6 year absence allowance, not 7.
    Marg
     
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  4. Paul@PAS

    Paul@PAS Tax, Accounting + SMSF + All things Property Tax Business Plus Member

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    6 years provided they didnt occupy another property one of them owned. Then a different rules may apply ? Or a choice needed. They really should seek personal advice. If they didnt occupy the former home from day one b4 they moved in there already may be a CGT issue.
     
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