Hi All,
I have an IP since 2009 that I would like to move into and make it PPOR.
I know I can't get the main residence 100% exemption or the magical 6 year rule since I didn't move in immediately.
However what happens for CGT when I eventually sell it?
For example I moved out 20 years later:
-5 years was IP
-20 years was my residence
Do I still have to pay CGT for the full capital gain over the whole 25 years, since I didn't move in "as soon as practically possible" after purchasing? Or does the ATO allow some aportionment for the period I was living there based on either valuation at the time of moving in, or a percentage of the gain?
I have an IP since 2009 that I would like to move into and make it PPOR.
I know I can't get the main residence 100% exemption or the magical 6 year rule since I didn't move in immediately.
However what happens for CGT when I eventually sell it?
For example I moved out 20 years later:
-5 years was IP
-20 years was my residence
Do I still have to pay CGT for the full capital gain over the whole 25 years, since I didn't move in "as soon as practically possible" after purchasing? Or does the ATO allow some aportionment for the period I was living there based on either valuation at the time of moving in, or a percentage of the gain?