Hi Guys,
Just a quick one, do you have pay any CGT on your PPOR upon selling it. More specifically if you were to buy a house renovate it whilst living in it and then sell it for a profit would you pay CGT on this? I was told that you need to live in the house for more than 6 months to avoid CGT.
Cheers[biggrin]
No CGT on your PPOR. Unless it was first rented. Or rented for over 6 years at any one stretch. Or if part of it was used to generate income ie renting a granny flat or running a home office that was declared as a income tax deduction.
No minimum time of occupancy either.
You need to do some research with the ATO to confirm this and learn about the tax act in relation to CG.
Simon Macks
Residential and Commercial Finance Broker
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
It may also depend on how many of these you have done. If it is a regular occurrance done in a business like fashion, the ATO could still charge you CGT on your own home. Theoretically at least.
Terryw
Discover Home Loans
Parramatta
[email protected]
Sign up to my mailing list.
Just send me a blank email, with “subscribe†in subject line.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 guys. I haven’t undertaken any reno projects as yet but am considering doing a few next year.
Thanks again[biggrin]
You must be logged in to reply to this topic. If you don't have an account, you can register here.
