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Tax Q&A: Claiming deductions & Six-year rule CGT calculation

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Your Investment Property | 07 Aug 2015, 03:52 PM Agree 0
This month Angelo Panagopoulos answers some reader questions about claiming deductions & the six-year rule CGT calculation.
  • peanut | 14 Oct 2015, 04:33 PM Agree 0
    Great article angelo on 6 yr exemption rule. Further to discussion, in our case PPOR was leased out after year 1 to become income producing. Between yr 1 and yr 6 i lived with parents and claimed deductions on property no1. After y6 i married and moved into new PPOR which was property No. 2.
    At year 13, property No 1 was sold. Is the 6 yr exemption rule applicable for property No.1 if i lived with parents between yr 1 and yr 6. I also note property no. 1 was purchased with FHOG. does this affect the outcome?

  • jenny | 26 Feb 2016, 02:20 PM Agree 0
    HI, would appreciate your kind reply to below Capital Gain Tax situation
    1. Purchased (Property A) on 27 Oct 2010
    2. Moved in straightaway& being my main residence until 13 February 2014
    3. Tenant moved in 14 feb 2014
    4 tenant moved out 5 May 2015
    5. Acquired a new property (property B!) settlement was around Nov 2013
    6 I moved to Property B on 7 December 2013
    7. Am still living in Property B currently
    8 property A is currently under contract & will settled in 12 April 2016

    For tax purpose this year :
    I would like to treat Property A as my Main residence to take advantage of the 6 year rule exemption

    1. I will not have to pay any CGT ? (full exemption as 6 year rule, being in that Property A from the begining & live there 3 years) Is that correct?

    2. I understand that Can only claim one main residence exemption at any
    one period if own two properties at the same time
    So having claimed Property A as my main residence,
    WHAT/WHEN is the time frame that I can Sell Property B without paying any CGT ??
    (Meaning to use the Main residence exemption for Property B)

    Would appreciate a kind replY PLEASE

    Thank you VERY MUCH
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