mkbonlineParticipant@mkbonlineJoin Date: 2012Post Count: 19
I purchased 2 bed townhouse as my PPOR in Dec 2010 for $320K in Toongabbie NSW. Lived their till Feb 2015 and then moved to overseas with a new job. I came back to Australia in Nov 2016 and was renting out in a different suburb till Dec 2018. I brought new place and move in Dec 2018. Old PPOR (Toongabbie) is rented out since April 2015 (more than 4 years now).Current estimated market price is $570K.
I want to sell it and invest money in offset account of new PPOR. .I have consulted few tax agents but getting conflicting advise regarding CGT liability.My question – Will I have CGT Liability if I sell old PPOR?
ManishTerrywParticipant@terrywJoin Date: 2001Post Count: 16,190mkbonlineParticipant@mkbonlineJoin Date: 2012Post Count: 19
Thank Terry. My understanding was same i.e. You can still claim the the CGT free period for up to 6 years after moving out. But one tax agent advised me that since i have brought a new place of permanent residence in Dec 2018 – I will need to pay CGT on any growth in original property after I moved into the new place (Dec 18). Is that correct?TerrywParticipant@terrywJoin Date: 2001Post Count: 16,190BennyModerator@bennyJoin Date: 2002Post Count: 1,376
Terryw had gone into quite some depth on this CGT subject previously – check out my post here:-
Read on down and follow each link – especially the last two (in the PS area) where Terryw expands on the whole subject and provides a huge chunk of not-well-known info re CGT. Once you have done that, it should clarify a lot of things in your mind – then come back to this post to ask more questions re YOUR situation (in case it is different in some aspects).