My friend recently asked me this question and I was unable to answer. Any suggestions would be greatly appreciated.
I have a friend who is working overseas and has two investment properties in Melbourne. He is wondering how would you officially register one of the places as a principal place of residence to gain the benefits of no capital gains tax and no land tax.
Thank you
Hi Infinate,
I would assume that when it comes to tax time you simply record when it was no longer an IP. You would stop claiming any tax benefits from that point. You should then have bills and statements in your name to prove it was a PPR from that date. I’m interested to know if you have to do anything else.[exhappy]
Landt.He would have to actually live in one before he could claim it as his PPOR. there is no place you actually register it, you just decide at tax time – the year the property is sold.
Terryw
Discover Home Loans
Mortgage Broker
North Sydney
[email protected]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
Thanks for the replies they were most helpful.
[biggrin]
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