Capital Gains Tax

[WebBoard]

From: W W


Could someone please refer me to more details on the '6 year exemption' whereby you can live outside your principle place of residence and still claim it as that.

I have a rental property which I have rented out for about 5 years while I have rented elsewhere and have just sold that property with a capital gain. Can I claim an exemption from CGT?

Thanks for your help.

Terry

 

[DaleGG]

Reply: 1
From: Dale Gatherum-Goss


Hi

The 6 year exemption was written into the law so the pollies and their mates could take nice comfortable jobs as diplomats for the 6 year tenure and not pay CGT because they rented their own home whilst they were away.

Before this, it was 3 years.

The actual section of the Tax Act is 118-145 for what it is worth.

I hope that this helps.

Dale

 

[WebBoard]

Reply: 1.1
From: W W


Thank you dale