Hi,
I have asked this question a while back, however i have had some mixed feedback.Now …..the sale of my PPOR which i have lived in for approx 8-9 months,would there be capital gains tax applicable?.I am moving into another property which was an investment property but now will be my PPOR.? Any help much appreciated..thxHello gocoastal
There is no CGT to pay on selling a PPOR if it has never been an IP. There is no time constraints on how long you have to live in a place for it to qualify as your PPOR.
Ring your accountant and he/she should be able to confirm this for you.
Cheers
ElkaJust a note, my accountacnt advised of the "toothbrush test". That is to say, if you have spent enough time there to hang a toothbrush your fine. He said if audited and you have proof of address change (ie licence & rego sent to that address), power and phone connection in your name, and at least 1 bill to show domestic power and water consumption then there is no issue.
Hope that helps.
Tammygocoastal wrote:Hi,
I have asked this question a while back, however i have had some mixed feedback.Now …..the sale of my PPOR which i have lived in for approx 8-9 months,would there be capital gains tax applicable?.I am moving into another property which was an investment property but now will be my PPOR.? Any help much appreciated..thxIt depends. If it is under 5 acres and you did not have another PPOR at the same time and you did not earn income from your house it will probably 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
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