Cheers Catalyst i will send an email of and see what they say

Hey just giving everyone abit of an update in case they could use this info in the future.I rang the ATO up and they said it will not be a problem because we lived in the house previously it is classed as our principal place of residence. There for making it exempt from capital gains tax for 6 years with the 50% discount after that. So we can…[Read more]

BumpCan some one please confirm if i have my head around this from what i wrote a couple posts up? It would be greatly appreciated.Also can any one recommend a good accountant that can sort out my tax for my IP and job in Brisbane?Cheers Allan

Oh ok i was unaware of that. So thats why Rob said i would not have to sell because after the 6 years are up i could still keep renting it out and get the 50% discount later on down the track when i decide to sell. I like the sound of that

Hey Terry and Rob cheers for the replys I am starting to get my head around this but still have many questions and abit confused From what im gathering is that what the tax bloke said is right. That i will be exempt from capital gains tax because it was initially my PPOR. As long as i sell within the 6 years or move back in for a little bit within…[Read more]