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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:
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    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 Solicitor, Finance Broker, CTA Business Member

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    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

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    25th Jul, 2015
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    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 Solicitor, Finance Broker, CTA Business Member

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    no i meant, did you move in right after settlement?. Sorry don't know why i wrote 'working'!
     
  5. Mr Properties

    Mr Properties Member

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    25th Jul, 2015
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    Location:
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    Yes mate I did