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My CGT scenario (PPOR)

Discussion in 'Accounting & Tax' started by elegantegotist, 9th Nov, 2015.

  1. elegantegotist

    elegantegotist New Member

    Joined:
    9th Nov, 2015
    Posts:
    1
    Location:
    SYdney
    Hi All,

    I am new to this forum. Here is my situation

    Bough my first property in 2010, lived in it for 8 months - it was my primary place of residence for that 8 months (no income generated). Then went back to study and moved back in with my parents and rented out and turned it into an investment property (as it was generating income). Sold it at the end of 2014. Will i still be CGT exempt ?

    I keep hearing about this 6 year rule. I'm not sure I understand it fully. Please help I am new to the forums. Thankyou in advance !
     
  2. Terry_w

    Terry_w Solicitor, Finance Broker, CTA Business Member

    Joined:
    18th Jun, 2015
    Posts:
    10,792
    Location:
    Southern Highlands NSW
    probably could be exempt under s118-145 ITAA97