CryptoDynastyLord
Sat Jun 08 2024
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7 answers
1412
What is the 6 year rule for capital gains tax in Australia?｜If you use your former home to produce income (for example, you rent it out or make it available for rent), . This is sometimes called the '6-year rule'. You can choose when to stop the period covered by your choice.you can choose to treat it as your main residence for up to 6 years after you stop living in it
Could you please elaborate on the 6-year rule for capital gains tax in Australia? I'm curious to know how it applies when someone uses their former home to generate income, such as renting it out. Does this mean that the home is taxed differently for capital gains during the six-year period? And how does one choose when to stop the period covered by this rule? Could you provide an example or scenario to further clarify this concept?
