Hi all! Quick question. We purchased a house in 2011 for $205k (in Victoria). There was a tenant in there for a few months before she got evicted. We moved into the house in 2012 and moved out in 2018. We rented the house out straight away and refinanced last year (in March). House was valued at 380k~ We're looking at selling the property and was wondering where we would stand at with CGT? House is valued around the same figure? This financial year, we would've made a small loss against the property. Thanks!
It wouldn't be exempt. Refinance and valuation irrelevant. Work out the period of time it was rented as a % of top ownership period. apply the cost base calcs then the 50% discount, add back depreciation and then times it by the % - it should be small. Also you might be able to use the 6 year rule from 2018 - but it might be best off not to if you have another property In short get some proper tax advice
That advice could be important. You may even be able to factor in ownership costs while you lived there to reduce the profit before its apportioned etc.
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