CGT (6year rule) question

[silversands]

Thanks Rob
Must've missed that one!

 

[Francesco]

Okay so apologies for resurrecting an ancient thread...

Please could anyone tell me, has anything changed in relation to this?
I have a friend, whose 6 year period of renting out her PPOR as an I.P, are coming to an end. She wants to move back in, for whatever time is required, before setting the whole thing in motion again. I couldn't find anything to suggest a minimum time that she must do this for. Hoping this means there isn't one! Would any accountants or anyone who has done this before, care to comment?

Thanks

The rules shouldn't have changed. I think she needs to stay in the PPOR for a year before resetting the 6 year rule.

 

[silversands]

Yeah, most people SAY one year. Just trying to find any evidence of this. The link to the ato site only refers to relevant factors including the "length of time the taxpayer lives in the dwelling" No indication of time is discussed (that I can find...)
Thanks for your input though Francesco

 

[Terryw]

There is no minimum time specified in the legislation, nor in any ATO ruling that I am aware of. It just have to qualify as the main residence first before the 6 year rule can apply.

see s188-145 ITAA.

 

[tarah]

I have a house on the market at the moment that I have researched and rang the ATO about the 6yr PPOR rule 3 times just to be sure!

I have attached information I got from the ATO website. Hope this helps.

 

[dan c]

The rules shouldn't have changed. I think she needs to stay in the PPOR for a year before resetting the 6 year rule.

There is no minimum time to stay in the house to re-set the 6 year rule. But you do need to be able to PROVE that you moved back in, with things like getting your drivers licence changed, connecting phone, electricity, gas etc.

 

[silversands]

Thanks Terry, Tarah & Dan,

Your comments and make me more confident that our thinking is in keeping with guidelines!
Useful info Tarah, =D appreciate it!

 

[tarah]

Anytime. Here is the link to the page on ATO website:

http://www.ato.gov.au/individuals/content.asp?doc=/content/36887.htm