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
There is a thread created by @Terry_w that discusses this. It is the 6 year absent from main residence rule. www.propertychat.com.au/community/threads/tax-tip-23-the-6-year-absent-from-main-residence-rule.3075/
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
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.