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cgt queries

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

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  1. Fernfurn

    Fernfurn Active Member

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    by a Bellarine beach
    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. York

    York Finance Broker Business Member

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  3. Marg4000

    Marg4000 Well-Known Member

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    Qld
    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@PFI

    Paul@PFI Tax Accounting + SMSF Business 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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