are you sure you've done all your research & calculations ?? …as you still have so many questions…. have you allowed for fees, taxes rental costs, etc etc…I'm sure you'll go well with your endeavours… which ever they are & I don't mean to sound like a fuddy duddy but maybe you should get all your questions answered prior to making expensive decisions like selling property… best of luck though…
Santoriniwalk wrote:Hi Terry – yes I had thought of renting it out but need some more info on CGT exemption for PPOR. If I were to rent it out, claim tax benefits, then move back in within 6 years would I then be required to pay back any tax benefits?
My property is in Mawson Lakes SA, a Delfin land development. It has fantastic amenities (schools, shopping centre, University of SA campus etc) and is 12km north from the city. The development is smack bang in the middle of the Port expressway meeting with the proposed northern expressway, and with all of the projects planned for the northern suburbs there could be great opportunities for growth. Our home is in what has been developed as a more "elite" section called the Bridges. Our home is conservatively valued at $520,000, with homes on the next street selling for up to $1M. I'd be keen to hear any ones views on the growth on these sorts of land developments – or Mawson Lakes in particular.
Hi
You don't have to pay back any tax benefits if you move back into the property. If you were to move back in and out again, then you could rent it for 6 more years and still have it classed as your main residence and be CGT free.
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.
