Hi atocommunity,
I had look through the some of the questions ask previously and couldn't find the answer that I was after. So apologies in advance if that has been asked before (please redirect me to the appropriate post if that's the case).
I believe that I'm eligible for the 6 year rule but don't understand the process when doing my own tax return. Here is the scenario below:
Purchased property in August 2017 and resided in the property until February 2017 which was subsequently rented out until February 2022.
The property was then sold in July 2022 i.e. settlement. Not income (rent) was received between the period of February to June.
My understanding is that I can do my income tax return as per normal for the 2022 Financial Year. However, for the 2023 Financial Year, I will need to be declare that I no longer have this investment property to be able to receive an exemption for the CGT.
Does anyone know how you are able to claim this exemption via the ATO account?
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