All Topics / Legal & Accounting / Living between two properties and CGT implication

Viewing 3 posts - 1 through 3 (of 3 total)
  • Profile photo of fredo_4305fredo_4305
    Participant
    @fredo_4305
    Join Date: 2009
    Post Count: 336
    May 4, 2011 - 8:20 am

    Hi All,
    I am in the process of living between two different states. I have been staying with friends in qld and rent in vic.

    I have a property in QLD which I rent out. Is is possible to move in to this property then sell it after the required period of time and not get stung with CGT. I have owned the property more than 12 months.

    Thanks

    Profile photo of Scott No MatesScott No Mates
    Participant
    @scott-no-mates
    Join Date: 2005
    Post Count: 3,856
    May 4, 2011 - 9:48 am

    if you didn’t live in it as your ppor prior to renting it out you can’t get the full ppor exemption

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,213
    May 5, 2011 - 12:59 pm

    Yes, it can't be your main residence until you live in it first. So difficult to claim the exemption – or impossib.e

    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 3 posts - 1 through 3 (of 3 total)

You must be logged in to reply to this topic. If you don't have an account, you can register here.