Three years ago I bought an apartment in Sydney while based overseas. The apartment needed extensive renovation and that we planned to move into at the beginning of next year. The renovations are nearly finished however it doesnt look like we are going to be able to move in afterall as my husband has not been offered a suitable posting in Sydney. If we were to sell could we claim this as our principal place of residence? It is a company title property and we have never rent it (nor could we rent it to tide us over while we are unable to live in it) We have no other PPOR in Australia. It was genuinely bought and renovated to be our home, however we cannot afford to leave it empty for another two years and we cannot live in it at the moment?
Any advice most welcome.
Thank you
AAsiababy
Contact an accountant or the Tax Dept. I think you’ll be OK to claim it as a PPOR, but best to make sure.
Hi Asiababy
I don’t think you could claim this as your mainresidence as you have not lived in it. see CGT Determination Number 51
Capital Gains: What factors are taken into account in determining whether or not a dwelling is a taxpayer’s sole or principal residence?
http://law.ato.gov.au/atolaw/view.htm?locid='CGD/TD51/NAT/ATO‘But since you have never rented it out, maybe you could. better talk to a good accountant.
Terryw
Discover Home Loans
North Sydney
[email protected]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
HI Terry and Asiababy,
I have merged the two threads to keep things on track.
Derek
[email protected]Property Investment Support Available. Ongoing and never stopping. PM welcome.
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