I relocated to Australia in 2012 on a 457 visa and rented out my overseas property. I was granted PR in Mar 2016. I believe for CGT purposes, that will be the date at which the property was deemed to have been aquired. Moreover, I understand the value at that time will need to be established. The tenancy on the property ends mid-June 2026 and I am hoping to sell before the end of the calendar year. It may take several weeks or months to sell so I will either return live there until it sells or it will remain empty during that time. By the time it sells, it will have been let since I obtained PR in March 2016, so just in excess of 10 years. Can I apply the 6 year rule reduce the period of ownership on which CGT can be levied to 4-ish of the 10-ish years it has been let? Furthermore, will I be able to claim PPR relief on the time period between the end of the tenancy and when it sells?
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Yes to headline question. Tax ruling below
If your intention is to remain as an Australian tax resident when you sell then I doubt you can consider the property as your main residence for the period you live in it before sale. Where your main residence is located is an indication of your tax residency status.
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