Getting 2 different advice on this:
1) Bought IP slightly more than 2 years ago and rented out for 2 years.
2) Moved into IP over 1 month ago, so now is my PPOR
3) Have an offer to buy the property.
Agent tells me that I would be able to get CGT exemption (6 year rule?) if I continue to stay there for 5 more months (ie. delayed settlement).
An accountant tells me that I won't qualify for CGT exemption but will have to pay CGT on a pro-rata basis.
Who's correct?
Thanks.
1) Bought IP slightly more than 2 years ago and rented out for 2 years.
2) Moved into IP over 1 month ago, so now is my PPOR
3) Have an offer to buy the property.
Agent tells me that I would be able to get CGT exemption (6 year rule?) if I continue to stay there for 5 more months (ie. delayed settlement).
An accountant tells me that I won't qualify for CGT exemption but will have to pay CGT on a pro-rata basis.
Who's correct?
Thanks.