6 year rule PPOR

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Serena61
Member
@serena61
Join Date: 2010
Post Count: 3
January 19, 2011 - 5:46 am
I understand that the PPOR 6 year rule is about buying a home, and have to leave for whatever reason e.g. work. We nominate PPOR status when paying land tax. My question is are you still applicable for the PPOR CGT exemption when you have nominated PPOR in the 1st year and stopped nominating as PPOR since? I'm still within 6 years, but when I had to travel for work and thought renting out the property meant that I should not declare as PPOR under land tax. But now I'd like to move back in. Does anyone know whether CGT can still be exempted?
Terryw
Participant
@terryw
Join Date: 2001
Post Count: 16,213
January 19, 2011 - 10:12 am
for CGT see s118.145 ITAA 1997. You can be absent for up to 6 years and not have to pay CGT.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
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Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Terryw
Participant
@terryw
Join Date: 2001
Post Count: 16,213
January 19, 2011 - 10:13 am
The Land Tax rules are different and will vary from state to state.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email Me
Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Ryan McLean
Participant
@ryan-mclean
Join Date: 2010
Post Count: 547
January 20, 2011 - 11:43 pm
Were you simply absent for under 6 years, or did the property become an investment property and did you rent it out?
Ryan McLean | On Property
http://onproperty.com.au
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