If I were to purchase a property, live in it for 6 months as my main residence then decide to rent it out for 5 years and then sell it, do I need to pay CGT on the sale of the property? Under the 6 year rule I do not need to. I will just be living with friends or my parents in the same city so does that change anything too? The ato doesn’t provide much information on the criteria for the 6 year rule and cannot find an actual pds with more information.
There's some details in the ATO's blog pages here.
Any part/s you don't you understand ?
There's some details in the ATO's blog pages here.
Any part/s you don't you understand ?
It can be regarded as your main residence so CGT exempt. This link explains. https://www.ato.gov.au/individuals-and-families/investments-and-assets/capital-gains-tax/property-and-capital-gains-tax/your-main-residence-home/treating-former-home-as-main-residence
If you owned another dwelling then you would choose which one was your main residence for the CGT exemption. In your case you don't need to do that.
However, because I will be living in the same city and just living with parents does that matter?
30 Aug 2024 · 4 min read time
10 Sept 2024 · 8 min read time
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