Do you still have to pay CGT if selling a PPOR? Or is it just for investment properties?
Only for investment properties.
If the PPOR has been an investment property in the past there may be some CGT payable.
EDIT.
If land area is greater than 5 acres – CGT may be payable on the PPOR
If i was to “move back in” to the investment property, does the taxman put time frames on how long you need to be there to avoid tax?
Normally CGT willl be payable for the time the property was an IP.
If you did not buy another PPOR while your original PPOR was rented out you may be eligible for some exemption under the 6 yr rule.
Sorry to Hijack this post, but I have a question similar to this relating to CGT.
If I transfer my PPOR from my name into that of my family trust do I have to pay CGT?
Terry is far better at this stuff than I but transferance of PPOR into trust should not, under normal conditions, incur CGT. The exceptions being those I highlighted above.
Howver the PPOR, once owned by your trust, will be liable for CGT at the sale of the property sometime in the future.
Thanks Derek,
I thought, hoped and assumed as much. The plan is for the PPOR to be an IP in 5 years, by which time I would estimate it would be positive and worth the tax advantage of being owned by the trust.
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