Search results

The legislation doesn't care about reasons.

For a scenario of going over the 6 years this is the formula: (Market value at the date first rented out) x (non main residence days ? ie over 6 years)/ (days in deemed ownership period).

For a scenario of going over the 6 years this is the formula: (Market value at the date first rented out) x (non main residence days ? ie over 6 years)/ (days in deemed ownership period).

The exemption is for a max of 6 years in any one hit. Moving back in won't completely exempt the CGT if you had been away for over 6 years.

Yes, the second period could be exempt, but the first period would only be partially exempt.

Have a look at the legislation, s118-145 ITAA97. It is very clear and even has an example which proves your accountant wrong: see http://www.austlii.edu.au/au/legis/cth/consol_act/itaa1997240/s118.145.html

If you reestablish it as the main residence then the 6 years will start again if you move out again.

Spouse includes defactos - even those that pay rent.