purchased 16/09/2016 $410K primary residence till 29/01/2021 then rented from 30/01/21 till 15/02/2024 sold for 549K 11/03/2024
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If you choose you can avoid paying any CGT under the 6 year rule. See link on rule
Treating former home as main residence | Australian Taxation Office (ato.gov.au)
If you choose not to do this CGT is calculated by deducting the cost base off the sale price. In your case the cost base is the market value of the property as at the date it was first used for income producing purposes. (30/01/2021). See elements of cost base
Cost base of assets | Australian Taxation Office (ato.gov.au)
Any costs before 30/01/2021 cannot be included in the cost base.
The reason there is a choice is that if you owned another property you were residing in then this property would be subject to CGT when disposed of.
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If you choose you can avoid paying any CGT under the 6 year rule. See link on rule
Treating former home as main residence | Australian Taxation Office (ato.gov.au)
If you choose not to do this CGT is calculated by deducting the cost base off the sale price. In your case the cost base is the market value of the property as at the date it was first used for income producing purposes. (30/01/2021). See elements of cost base
Cost base of assets | Australian Taxation Office (ato.gov.au)
Any costs before 30/01/2021 cannot be included in the cost base.
The reason there is a choice is that if you owned another property you were residing in then this property would be subject to CGT when disposed of.
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