Bead Counter, a bright accounting executive with a large multinational company in Australia purchased a rental property in Sydney on 30 September 2020 for $298,000. He rented it out until he was transferred to Head Office in Sydney on 1 May of the previous tax year when the market value of the house was $430,000. From that date, he vacated the tenants and used the property as his principal private residence. He sold the property on 31 May of current income year for $475,000. Bead believes that he can claim the principle private residence exemption as he had not rented the property for more than 6 years before it became his principle private residence. Please advise whether this is true