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Capital gains tax

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Hi guys,
I realise I’ll need professional advice but believe in getting a wide view on my query .
We bought a property as a home for the family 2003 with no intention to rent it out.in 2012 we had to relocate for secondary schooling for our son ( unforeseen) we rented a house in the city we moved to and from 2013 we rented our home out .We had intended to move back after schooling completed .During this time my company at the time lost contract and I got a new job in the city it became apparent we would probably not move back and subsequently put home on market . The property sold while it was under lease but before the six year rule expired ( by 2 months ) we also didn’t buy another property in that time .Are we liable for any cgt event that may have occurred? And is this the case due to not moving back in or selling in same financial year as it was producing income from rent .
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ATO Certified

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It sounds like you may be exempt from CGT based on the scenario you describe because you have only had the one main residence and sold it within the 6 year time frame.
Here is some info on ato.gov about continuing to treat your dwelling as a main residence after you move out: https://www.ato.gov.au/General/Capital-gains-tax/Your-home-and-other-real-estate/Your-main-residence...

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Best answer

ATO Certified

Master

Replies 0

It sounds like you may be exempt from CGT based on the scenario you describe because you have only had the one main residence and sold it within the 6 year time frame.
Here is some info on ato.gov about continuing to treat your dwelling as a main residence after you move out: https://www.ato.gov.au/General/Capital-gains-tax/Your-home-and-other-real-estate/Your-main-residence...

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