thread: If we rent our house out for a couple of years...

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  1. #1
    Registered User

    Jan 2004
    Melbourne, Australia
    1,002

    We recently moved out of our main residence and into an investment property we bought for a few years and then moved back "home" again. I was worried about this too but my accountant explained that it is alot to do with why you are doing things as well as the length of time you have been in your primary residence. Definitely worth going to an accountant as I don't think there is any black and white rules for this.

  2. #2
    Registered User

    May 2005
    Canberra
    3,617

    You have 6yrs CGT free exemption, provided you don't own another PPOR in that same period. So you have six years after moving out and renting your house out to sell without inncurring CGT, but you are not allowed to have ownership of more then one house which you are claiming as your Principal Place of Residence for CGT purposes at any one time (although there is an exception if you sell your house within 6months of purchasing the new residence)

  3. #3
    Registered User

    May 2005
    Canberra
    3,617

    Just thought I would add, you can move back into your house before the end of the 6yr period and then the six years resets from when you move out again - provided you don't have any other PPOR for CGT purposes during any of that time period.

  4. #4
    Registered User

    Jun 2005
    USA
    3,991

    Thanks so much for your help!