CGT main residence exemption

[Roosterman]

Hi All,

I've scoured the ATO site and I think I'm on the right track but would appreciate if you could confirm the following:

IP purchased in 2010, rented out immediately

I'm selling my PPOR now and moving into the IP.

If I ever sell the IP, obviously I will pay CGT for the period 2010-2013.

My question is, if I move into the IP, then after six months or whatever I move out and rent elsewhere, can I still get the 6 years CGT exemption? If I move out of the IP, I won't be buying another PPOR, the IP would still be classed as my main residence.

thanks
Roosterman

 

[dan c]

Yes, you would get the six year exemption, and the property would not incur CGT from the time it became your main residence.

However you would still be liable for CGT from the date of purcahse in 2010 until the date it became your PPOR.