Hello,
Just 2 quick questions please:
1. I have an IP, but need to move into it. Does that mean it will become my PPOR?
2. How long do I need to live in an IP property to make it my PPOR?Thanx and looking forward to your responses.
Catt
Cattleya
Here to learn the ropes of property investing & share knowledge, not trying to sell anything at all.
hi
1. yes.
2. 1 daybut, there are various conditions such as you cannot claim 2 PPOR at the same time – except for a cross over period of 6 months. CGT will also apply to the period of the property before you lived in it as your PPOR.
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
Hi Terry,
Thanx for the reply.
The 1 day bit is interesting, because apparently it is 6 months for FHOGs or they have to give the money back.
Another question though, how do I evidence that I have lived in that property? Bank statements come to mind, but mine are all electronic statements now. Same goes with utility bills.
Thanx again Terry,
CattCattleya
Here to learn the ropes of property investing & share knowledge, not trying to sell anything at all.
hi
The FHOG is regulated by the states – usually the Office fo state Revenue.
There is actually no min period to live in a house to make it your main residence, you just need to prove it if audited. The best way to do this is to prove as much evidence as you can with changing your address on rates, drivers licence, phone, electriicity, electoral roll etc.
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
You must be logged in to reply to this topic. If you don't have an account, you can register here.
