Hi, I own a unit in which I lived for about 14months after purchase and then rented out and moved into a rental property. Now, I wish to sell the unit, should I pay any tax if I could manage to sell it for a profit? Kind regards Rach
Hi Sim, It's been 4 months I rented my unit and moved out and staying in a rented one. will it make a difference the term of my occupancy of my property? that is the only property I own which I can call as my main residence. Now, I wish to sell and buy some thing closer to my work. could I be able to claim any tax if i sell this and buy other property ( off course I will claim on the depreciation and other items for my own unit for which I will be paying 50% tax from rent I receive) Kind Regards Rach
You can claim all the normal expenses and it could be CGT exempt as well for up to 6 years if you are not claiming another property as your main residence.