So choose 1 before selling? Don’t intend to sell for at least 5 yrs Reservoir would be the one to choose as it has gone up in price by 400-500% and anticipate more in 5 yrs unless some economic down turn Our new PPOR is possibly similar price to when we bought it 1 yr ago
As we didn’t get a market appraisal when we started renting out our prev…[Read more]
Hi just wondering about the scenario in the finance2011 post So the 1st PPOR is rented out for 6 yrs while living in the 2nd PPOR Can you move out of the 2nd PPOR and restablish the 1st one as PPOR prior to selling? Can the 2nd one be rented out?
Thank you, Terry. I will get tax advice as it is confusing Below is what I viewed on the ATO site:
To be eligible for the main residence exemption, the following conditions must be satisfied:
the taxpayer is an individual
the taxpayer is an Australian tax resident
the dwelling was the taxpayer’s main residence throughout the ‘ownership…[Read more]
We paid off our PPOR in Reservoir in 2019 (bought in 2000) and moved out in Feb last year with a mortgage on our current PPOR in Seaford
We have a tenant in our Reservoir property and so it is now an IP. We plan to eventually sell it and if the market is good, we can pay off the current loan for PPOR in Seaford with some money left over.