Intax --- Page: 1/23 : December 2006 No author supplied for original article
ABIX Summary
Many owners of property do not appear to be aware of the "absence" rule when it comes to capital gains tax (CGT) concessions. Under the rule, someone who has rented a property after 20 August 1996, is able to claim the property as being their main place of residence for a period up to six years, so long as they not have claimed any other property as being their main place of residence. Additional benefits can be gained by the property owner by the application of s 118-192, which enables the owner to state they secured ownership of the property at its market value on the day they first commenced renting it out.
