CGT Tax Question - 6 year rule
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 sell it, do I need to pay CGT when sold?
Under the 6 year rule I do not need to, correct?
I will just be living with my parents in the same city so does that change anything too?
The property is bought for $400k in 2024 then let’s say sold for $800k in 2029, thats a capital gain of $400k but under the 6 year rule I am exempt from CGT??
The ato doesn’t provide much information on the criteria for the 6 year rule in terms of reasons to not live in your property and cannot find an actual pds with more information.
The biggest question I am unsure about is me living with family in the same city to rent out my property that is still my PPOR and curious if that changes anything.
Thanks
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