CGT cost base reset - section 118-192?
Hi folks,
Say I have a PPR but I 'did not move in as soon as practicable', say I waited a month before moving in from my rental. So I would say I don't have 'full exemption'.
In 5 years I move out of that PPR and then rent it out. Will the CGT cost base reset to market value as per section 118-192?
(http://www.austlii.edu.au/au/legis/cth/consol_act/itaa1997240/s118.192.html)
Or does it not apply because I don't have full exemption when it is rented out?
Hi folks,
Say I have a PPR but I 'did not move in as soon as practicable', say I waited a month before moving in from my rental. So I would say I don't have 'full exemption'.
In 5 years I move out of that PPR and then rent it out. Will the CGT cost base reset to market value as per section 118-192?
(http://www.austlii.edu.au/au/legis/cth/consol_act/itaa1997240/s118.192.html)
Or does it not apply because I don't have full exemption when it is rented out?
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