Evening all,
Any help appreciated...
Property purchased in March 2003, lived in until March 2004.
Moved in with friend March 2004, and rented out old home.
Sold rented house in August 2010 (without living it again).
Is there a case for the 6 year rule - or a portion of it? is it a standard 50% CGT discount?
I will speaking with my accountant during the week, but keen to hear what others think.
New (home) not purchased until November 2007.
Reason I ask is (as taken from the ATO website) -
http://www.ato.gov.au/content/downloads/NAT4151_07.pdf
page 74
"Home ceases to be the main residence and is used
to produce income for one period of six years
Lisa bought a house after 20 September 1985, but
stopped using it as her main residence for the 10 years
immediately before she sold it. During this period, she
rented it out for six years and left it vacant for four years.
Lisa chooses to treat the dwelling as her main
residence for the period after she stopped living in
it, so she disregards any capital gain or capital loss
she makes on the sale of the dwelling. The maximum
period the dwelling can continue to be her main
residence while she used it to produce income is six
years. However, while the house is vacant, the period
is unlimited, which means the exemption applies for
the whole 10 years.
In addition to this, as the dwelling is fully exempt because
Lisa made this choice, the home first used to produce
income rule does not apply"
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