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Have just seen thread from Dan42 from 8/9th April 2010 about PPOR and CGT exemption where it says that if you did not live in the house straight away after settlement, the house can never be classed as your PPOR, will always retain the IP status, and the 6 yr rule can not ever be used. I assume this is correct and law ?
This is a bit of a bummer as I would like to have re-rented the house out again without increasing cgt liability. If it boils down to pro-rata Time rented to Years owned, I would have to own the house for quite a while to alleviate the cgt burden.
How does owning the land / settlement affect Years Owned for cgt purposes ? I bought the land 12 months before house completion.
Thanks Terryw and Tony for the comments
I agree that FIRB and OSR will not be the route to go.
Just to clarify, I am a British citizen with all close family in Oz and do not have permanent residency status here yet, but have obviously paid tax against previous years rental income.
I understand that I was required to live in the property for three months after construction completed and was not able to do that at the time, but would now like to have Oz house recognised as my PPOR in Oz. I do spend most of my year here. But my timings in the property are as per initial comment and all questions relevant.
John
