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Capital Gains tax

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SW1
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Hi I am getting conflicting information regarding capital gains tax on my unit that I recently sold. I bought the unit in 2000, lived in it till 2013. Moved interstate for work in Oct 2013 and have been renting the unit from October 2013 to October 2018 (5 years). I sold the unit in Jan 2019. I do not own any other property and am now looking to purchase my next home with the money from the sale of my unit. My question is am I excempt from capital gains tax under the 6 year rule? Would be grateful for any information. Thank you.
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Assuming that you did not own any other property during that time (was renting, living with friends/family etc) then yes the 6 year rule would apply

 

If the owner moved out of the property and rented it out, they can claim an exemption from CGT for a period of up to six years after they moved out. The Australian Taxation Office (ATO) lists some of the qualifying reasons for a property owner to move from their PPOR as: accepting a new job interstate or overseas, staying with a sick relative long term or going on an extended holiday. If a property owner moves back into the property and afterwards moves out again then a new six year period commences from the time they last moved 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

Devotee

Replies 0

Assuming that you did not own any other property during that time (was renting, living with friends/family etc) then yes the 6 year rule would apply

 

If the owner moved out of the property and rented it out, they can claim an exemption from CGT for a period of up to six years after they moved out. The Australian Taxation Office (ATO) lists some of the qualifying reasons for a property owner to move from their PPOR as: accepting a new job interstate or overseas, staying with a sick relative long term or going on an extended holiday. If a property owner moves back into the property and afterwards moves out again then a new six year period commences from the time they last moved out.

 

 

https://www.ato.gov.au/general/capital-gains-tax/your-home-and-other-real-estate/your-main-residence...

 

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