Beware the Pitfalls of the Principle Place of Residence Exemption and the 6-Year Absence Rule

As some of the readers may be aware, the Tax Office allows taxpayers who have lived in a property as the principle place of residence to subsequently rent that property out for a period of 6-years and as long as they move back into that property and subsequently sell that property, no capital gains tax will apply as long as that property continues to be their only principle place of residence.