I have a situation that I am confused about. I have been told that I am exempt [from capital gains tax] by the tax office, but that I am not exempt by my accountant, and I’m hoping for answers.
I haven’t nominated any other place as my main residence, as I’ve been renting interstate. It is fast approaching six years now since I moved out, and I’m wondering what I need to do to avoid any CGT on sale?
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I want to confirm that I am eligible for the capital gains tax six-year exemption rule in my circumstances. Also, is there anything I need to submit to the ATO for the six-year exemption once I sell my property?
Q: I have just inherited one third of a unit in Sydney with my two sisters... What tax and/or CGT implications do I need be aware of? How can I mitigate these?