Hiya,
My wife and I bought an investment property in north Queensland in December 2004. The property has been tenanted for the last 6 months. We plan to move into the property in July 2005, making it our PPOR. If we sell the property in August 2005 (ie. less than 12 months after purchase), what are the CGT implications?
Also, our solicitor gave us an OSR form that entitles us to a 1% rebate of the purchase price if we move into the property within 12 months of purchase – does anyone know what this is about?
Cheers
DannadsWe have an article published in Queensland Lifestyle & Property Magazine (REIQ publication) written by a respected accountant which should answer your questions.
Keep an eye on http://www.plproperty.com.au in the next couple of weeks or email our office.
The article will be published in our June newsletter and on our website soon.
As for the OSR duty rebate – I suggest you ask your solicitor for further advice! No doubt they will be happy to help.
Luke Woollard
Licensee
Pacific Lifestyle Property
http://www.plproperty.com.auIf you sell within 12 months of buying the property, you will not get a Capital Gains discount (if there is one.)
It would be worth your while, if you can, to sell the property, if you have to, after 12 months.
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