All Topics / Legal & Accounting / PPoR in Changing status

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  • Profile photo of townsvilletownsville
    Member
    @townsville
    Join Date: 2010
    Post Count: 1

    We own a PPor and an investment property in thye same town. We intend to sell our PPoR and move into our investment home for 12 months to downsize. Will we pay CGT on the investment property when we sell it. It has been rented for three years so far .

    Profile photo of FletcherTaxFletcherTax
    Member
    @fletchertax
    Join Date: 2009
    Post Count: 31

    Sounds like your capital gain will need to be apportioned between when the Investment Property was your PPOR and when it was not.

    An accountant would be able to work this out for you,

    Fletcher Tax Accountants
    http://www.fletchertaxaccountants.com.au

    Please note comments made should NOT be taken as specific taxation, financial, legal or investment advice. Please seek professional, specific advice.
    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,213

    Will also depend on whether your investment went up during the time it was an investment.

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    http://structuring.com.au/
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://Terryw.com.au/

Viewing 3 posts - 1 through 3 (of 3 total)

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