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Sorry matto. Fixed up my post to say what I meant.

That's what I'm given to understand. Julia H has some good info on all of this in her news flash monthlies and other freebies at www.bantacs.com.au (we have no affiliation but I just like her insights on IPs from an accounting perspective).

The 6 year rule relating to an absence from your PPOR may apply to this property as long as you don't have another PPOR that you are claiming concurrentl (except for the 6 month overlap rule). However, CGT will always be a factor since it was not occupied by you as a PPOR from day 1. More here...