Join Australia's most dynamic and respected property investment community

I am exempt from capital gains tax?

Discussion in 'The Buying & Selling Process' started by Mr Properties, 7th Jan, 2016.

  1. Mr Properties

    Mr Properties Member

    Joined:
    25th Jul, 2015
    Posts:
    12
    Location:
    sydney
    Hi I have read up on the 6 year rule and to my understanding my first property that I purchased would be exempt from cgt. Just wanted others to confirm I'm right before I call the real estate agent and get him to list it.
    Purchased - 2011
    Lived in for aprox 18 months and rented it out since.
    Moved out and ppor was Mums place, well mailing address anyway as I have been off
    contracting in diff areas in nsw including Forster/port Mac ect and have been renting and living in diff holiday rentals depending where the jobs were. I have also spent a lot of time working in syd and staying at Mums place.
    Hoping someone can confirm this property would be exempt.
    Cheers Steve
     
  2. Terry_w

    Terry_w Tax and Structuring Lawyer Business Member

    Joined:
    18th Jun, 2015
    Posts:
    11,720
    Location:
    Southern Highlands NSW
    possibly, if you lived in it after settlement, didn't make money from it while living in it (or weren't entitled to claim interest) and the land is less than 2 hectares.
     
    Last edited: 7th Jan, 2016
  3. Mr Properties

    Mr Properties Member

    Joined:
    25th Jul, 2015
    Posts:
    12
    Location:
    sydney
    Thanks for the reply mate, do u mean if I have moved back into it after the first 18 months ?(which I didn't claim interest for that period)
    I haven't moved back in since I moved out. It still tenanted atm
     
  4. Terry_w

    Terry_w Tax and Structuring Lawyer Business Member

    Joined:
    18th Jun, 2015
    Posts:
    11,720
    Location:
    Southern Highlands NSW
    no i meant, did you move in right after settlement?. Sorry don't know why i wrote 'working'!
     
  5. Mr Properties

    Mr Properties Member

    Joined:
    25th Jul, 2015
    Posts:
    12
    Location:
    sydney
    Yes mate I did