- Kennyjaiz wrote:Pully, Do you mind sharing your scenario and the ATO judgement? (or just point us to your PR in the register). Thanks Matt, The ATO has strictly forbidden people in the same immediate family (including spouse and dependent kids) to own multiple PPORs even with different name on the property. For example, imagine a family of 5 owning 2 main residents and 3 holiday houses? So I don't accept ATO's argument "assets are in different names so they don't affect the other one". The only difference about that scenario with you, is that your wife got the PPOR before you guys got hitched. But this changed as soon as your marriage status legally changed. Unless there is any exemption that I'm not aware of. Your best option is to apply for a Private Ruling (see Dan42's link) Private rulings are binding to ATO, so if ATO has granted you permission to sell without incurring CGT, they cannot ask for it later down the track. Depending on how quickly you provide information to the ATO, it takes up to 28-60 days. Note, you cannot rely on other people's Private Rulings. Sorry to burst your bubble, but better safe than sorry Good luck Kenny
kenny it was quite complicated and i think as i said it is important to get a ruling on each individuals case because there are so many variables and interpretations.
even expert tax people can be stumped to give an definitive answer. in our case it took time to gather all the information and documents required by the ATO. it needs to be laid out clearly and with details and be supported by documentation.it took longer than 60 days after the ATO got the written stuff, much longer. various phone calls and about 6 months we had an answer, albeit more information required. it appeared case manager or whoever had been replaced or something so the process was longer.
our accountant/tax said afterwards that other clients had also tried to get answers etc about their situations and had long waits too. might just have been at that point in time?
it was a learning process in patience. certainly better to do that though and be sure. only ATO can really give an answer, where as tax accountants etc can give an educated opinion? the tax laws are so complicated and being added to as we speak.
regards.
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