PPOR / CGT Exemption / Non-residents

Discussion in 'Accounting & Tax' started by Darkswan, 29th Mar, 2013.

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  1. Darkswan

    Darkswan New Member

    Joined:
    1st Jul, 2015
    Posts:
    2
    Location:
    Brisbane, Qld
    Greetings all! First time posting. I'm presently living overseas, renting out my Principal Place of Residence, and am aware of the 6 year rule in order to claim the CGT exemption upon selling it in the future. Is anyone aware of exactly just HOW LONG I am required to live in the house again upon return to Australia in order to RESET the 6 years?
    I am also curious about the new ruling of non-residents no longer being able to qualify for 50% CGT discount at 8 May 2012. Have any new details been forthcoming?
    Many thanks!
    Brett
     
    Darkswan, 29th Mar, 2013
    #1
  2. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

    Joined:
    18th Jun, 2015
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    Location:
    Australia wide
    The legislation does not contain any time period - s118.145.
    You must be there long enough to establish it as your main residence again.
     
    Terry_w, 1st Apr, 2013
    #2