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Hi Terry,
thank you for your reply. Can you elaborate on why I will not be subject to CGT on my place – is this purely because I returned before 6 years was up ? I thought as soon as I was considered to have a new PPoR (by re-marrying) that I would be liable for CGT when I sold it after a year.
Does my wife’s property then start CGT counter when we move in and therefore it is best to get it valued before / at the time we move ?
Thanks
I have a situation, which I don’t see as unique but it does have some complexity
1. Divorced in 2011 buying ex-wife out of house – I have 2 boys (19/21)
2. In Nov 2013 moved to NZ for work, renting house out
3. In Nov 2014 moved back to AU into new wife’s house – married Mar 2015. She has 2 boys (25/28)
4. Looking at moving back into my place before 6 years is up.
5. We have a Deed of Agreement (pre-nup) for assets and will which means that her house, super and shares are all 100% hers and I will never receive these should she pass or we divorce – correspondingly, same applies to her in respect to my assets.My understanding is that because I re-married, that I instantly take on a PPoR being my wife’s house, even though I will never receive anything from that.
If that is the case, does:
1. This mean I am required to pay CGT should I sell my house – if so, when does the calculations start ? OR
2. Does it mean that we are changing PPoR and because I owned it previously, if we live in it for a year, that there will be no CGTWe are tempted given the above to apply for a ATO private ruling as it is clear I will not receive any benefit as I actually never owned another house.
Thanks
