If I only owned one property which was my PPR but lived elsewhere whilst I renovated it. How long do I need to have it before selling to not pay CGT? And do I need to actually live in it for any of this time. Property would be in Perth, WA.
If you had actually lived in it first it could be exempt, depending on the circumstances. There is no need to live in it again before selling.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
No haven't lived in the property at all. Say I purchase a property and it's the only property I own. I rent elsewhere while I renovate my property. Do I need to actually move into the property for a period of time to claim it as PPR and pay no CGT? And if so how long do I need to actually live in it or own it before selling it again to not attract CGT?
You can’t count it as your main residence until you have lived in it, usually. There is no time limit in the legislation, as long as you establish it as a your main residence and later move out it could continue to be counted as your main residence – in some instances.
But, if you build or repair a property you may be able to move in later yet still claim it as the main residence from the time you purchased it. s118-150 ITAA
http://www.austlii.edu.au/au/legis/cth/consol_act/itaa1997240/s118.150.htmlIf this section applies you must live in it for 3 months at least.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Ok thanks that answers my question.
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