All Topics / Help Needed! / PPOR/CGT

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  • Profile photo of hardyard28hardyard28
    Member
    @hardyard28
    Join Date: 2006
    Post Count: 4
    November 19, 2008 - 12:28 pm

    I currently own a IP which was originally my PPOR from Oct 2002 – Mar 2007.
    I`am aware that you don`t have to pay CGT on the sale of the property if it is within 6 years of the purchase date ( gives me until Mar 2013 ).
    However i`m thinking of purchasing another property which i will live in for a year then eventually demolish it and put a duplex/triplex on the block with the equity from the sale of my first property.
    The question is, will i receive CGT exemptions on my first property after having lived in the second property I plan to demolish after a year?

    Thanks to those who reply

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,213
    November 19, 2008 - 1:13 pm

    You can chose which property to count as your main residence with the CGT exemption – if you have lived in both.

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    http://www.Structuring.com.au
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au

Viewing 2 posts - 1 through 2 (of 2 total)

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