Hi all,
Same house as my other thread (http://www.somersoft.com/forums/showthread.php?p=802320), but is a separate issue so I thought I would start a new thread.
I was wondering how the 6 year rule applies when dealing with a house that has been used for a lodger (where the income and deductions are claimed).
If I were to go overseas for a few years and rent out the entire appartment, would having a lodger immediately before I leave remove my ability to use the 6 year rule for CGT exemption for the period I am gone?
From http://www.austlii.edu.au/au/legis/cth/consol_act/itaa1997240/s118.190.html
What does "last ceased" mean?
Same house as my other thread (http://www.somersoft.com/forums/showthread.php?p=802320), but is a separate issue so I thought I would start a new thread.
I was wondering how the 6 year rule applies when dealing with a house that has been used for a lodger (where the income and deductions are claimed).
If I were to go overseas for a few years and rent out the entire appartment, would having a lodger immediately before I leave remove my ability to use the 6 year rule for CGT exemption for the period I am gone?
From http://www.austlii.edu.au/au/legis/cth/consol_act/itaa1997240/s118.190.html
(3) However, you ignore any use of the * dwelling for the * purpose of producing assessable income during any period that you continue to treat it as your main residence under section 118-145 (about absences) to the extent that any part of it was not used for that purpose just before it last ceased to be your main residence.
What does "last ceased" mean?