I am aware of the exemption of a PPOR in Australia for a period of time (7 years) when you become a non-resident of Australia. As I understand it, when you first become a NR the PPOR exemption applies only to the residence you have lived in at the time of your departure. If you sell that residence and purchase another does the exemption still continue for the remainder of the exemption period? Is the 'time of departure' the same as the time you actually declare yourself as a non resident?
Cheers
Adrian
(Seoul)
Annyong Adrian
I am not exactly sure what you mean!?
Under s118-145 of the ITAA you can claim one property as your main residence for up to 6 years after you move out. Becoming a non resident does not come into it. Maybe you are referring to a different section of the Act, of which I am not aware?
If you were to sell one property, then you could claim the exemption on the next one too, but I think you would have to live in it first.
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
You must be logged in to reply to this topic. If you don't have an account, you can register here.
