The ""6 year rule" and meaning of "move in as soon as practicable"

Question

JodieR_ATO · Accepted Answer

You can claim the 6yr absence rule after you have lived in the property and used it as your main residence. The partial exemption will eventually be used to calculate your CGT, because you cannot claim an exemption for the entire time you own the property. Calculating a partial exemption - Where: A Ã- (B Ã- C) A - is the total capital gain from the CGT event, B - is the number of days in your ownership period when the dwelling was not your main residence C - is the total number of days in your ownership period. So when it was your main residence or 6yr absence rule was being used, these days will not be included for determining the days it was not your main residence. You can view 6yr absence rule and main residence exemption information here. All the best.

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