Hi all just about too settle on a property that needs a little bit of a clean up then put it up for rent but not sure long would i need to have this property for before i rent it out to cliam the six years CGT free i'm am currently renting a property so it would be classed as my PPOR.
If you were intending to do that to avoid tax, it may still not be CGT if you live in it. If you were to move in with the intention to live there, and then find out it is not suitable, then that is different. There is no minimum time frame in the legislation. You just have to prove that it was your main residence. Your accountant should be able to help.
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
Will speak to my accountant thanks Terry.
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