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Pred88(I'm new)I'm new
19 Jan 2024

I bought my unit 5 years ago and lived there for about 3 years before moving into my partners place. I kept the until and rented it out - mostly as a back up plan if things didn’t work out with my partner.


One year into living together (about a year ago) things were going well and we wanted to complete some renovations. To access more capital I went on the mortgage for my partners house - I am not on the title.


I am now looking selling my unit - am I able to claim the 6 year exemption for the entire time I’ve owned the unit? If not will my tax base be calculated based on the original purchase price, the date I moved into my partners place or the date I went on the mortgage for my partners place.


Thanks for your help.

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1 replies
616 views
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Most helpful reply

Deb_ATO(Community Support)Community Support
22 Jan 2024

Hi @Pred88


To be eligible for the 6-year rule and exemption from Capital Gains Tax, your property must’ve been your main residence first and then you stopped living in it.

You can treat it as your main residence for up to 6 years.

But you can't treat any other property as your main residence.

 

If you’ve treated another property as your main residence, you may be eligible for a partial exemption.

 

If you need help determining the date, the date your main residence stops being your main residence is usually the date you stop living in it.

 

If you need further specific advice on the date, it’d be best to get in touch with our technical area.


They'll be able to provide you accurate advice about your circumstances.

Check out our further info on tailored technical assistance. 

All replies

Most helpful reply

Deb_ATO(Community Support)Community Support
22 Jan 2024

Hi @Pred88


To be eligible for the 6-year rule and exemption from Capital Gains Tax, your property must’ve been your main residence first and then you stopped living in it.

You can treat it as your main residence for up to 6 years.

But you can't treat any other property as your main residence.

 

If you’ve treated another property as your main residence, you may be eligible for a partial exemption.

 

If you need help determining the date, the date your main residence stops being your main residence is usually the date you stop living in it.

 

If you need further specific advice on the date, it’d be best to get in touch with our technical area.


They'll be able to provide you accurate advice about your circumstances.

Check out our further info on tailored technical assistance. 

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