All Topics / Finance / What happens to PPOR when move overseas?

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  • Profile photo of CattleyaCattleya
    Participant
    @cattleya
    Join Date: 2008
    Post Count: 121
    August 24, 2008 - 10:02 pm

    Guys,

    Can I please ask for some information?

    I'm planning to move to London for a few years (at least 3 years). I currently live in my PPOR and still have a mortgage on it. 

    Three questions:
    1. When I move overseas, can I rent my PPOR to receive rental income?
    2. If I do that, is the mortgage interest tax deductible?
    3. Is my PPOR status still stand, is there any CGT when I sell the property?

    Thanx for answering my qs and looking forward to reading your answers,
    Cattleya

    Cattleya

    Here to learn the ropes of property investing & share knowledge, not trying to sell anything at all.

    Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 12,024
    August 24, 2008 - 10:59 pm

    Three questions: Three Answers

    1. When I move overseas, can I rent my PPOR to receive rental income? YES
    2. If I do that, is the mortgage interest tax deductible? YES
    3. Is my PPOR status still stand, is there any CGT when I sell the property? No the property is preserved from CGT for a period of 6 years. 

    There are a few other considerations so seek appropriate advice before moving.

    Richard Taylor | Australia's leading private lender

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