CGT/PPOR??

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bobfromtassie3
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@bobfromtassie3
Join Date: 2004
Post Count: 15
September 1, 2004 - 4:07 am
This may be a dumb question…???
I bought my home a few years ago and lived in it long enough to gain the First Home Owners grant but I am now renting it out. If I sold this place, do I pay any CGT as it was my PPOR (I have no other homes)
I have been told that I can nominate one home throughout my lifetime and claim it as my PPOR therefore paying no tax when selling???
Cheers,
Bob
Mortgage Hunter
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@mortgage-hunter
Join Date: 2003
Post Count: 3,781
September 1, 2004 - 4:17 am
If you move from your PPOR you have 6 years grace where you may sell it without CGT.
This is as long as you haven’t purchased a new PPOR. (They can overlap for up to 6 months).
Hope this helps,
Simon Macks
Mortgage Broker
http://www.mortgagehunter.com.au
0425 228 985
NODOC Loan – 65% Loan – No questions asked!
Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
bobfromtassie3
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@bobfromtassie3
Join Date: 2004
Post Count: 15
September 1, 2004 - 4:21 am
Thanks Simon,
Yes helps a lot, clears a few questions up for me!!
Derek
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@derek
Join Date: 2004
Post Count: 3,544
September 1, 2004 - 9:12 am
Originally posted by bobfromtassie3:
I have been told that I can nominate one home throughout my lifetime and claim it as my PPOR therefore paying no tax when selling???
Hi Bob,
Just a clarifying point – you can have more than one PPOR in your lifetime – you are not allowed to have more than one PPOR at any one time, apart from the 6 month rule Simon alluded to.
Derek
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