CGT on EX-PPOR

Discussion in 'Accounting & Tax' started by anthovan, 12th Jun, 2015.

Join Australia's most dynamic and respected property investment community
  1. anthovan

    anthovan New Member

    Joined:
    1st Jul, 2015
    Posts:
    3
    Location:
    Perth
    Hi Guys,

    First time poster so please be patient !!!

    Currently, I have TWO properties, one a Sydney EX-PPOR, bought in 2009 as main residence which is currently rented since 2013 due to job relocation to Perth. The second Perth property bought in late 2013 which I currently live in. Now, I am planning to sell the Sydney ex-ppor, but am not sure if I can take advantage to the six year rule here. Can I choose to declare the Sydney property as PPOR due to excessive CGT payable and forgo the Perth property as I don't have CGT implication on it ?
    Can anyone suggest anything better in my situation or advise if someone has faced a similar situation before ?

    Thanks for your replies in advance.
     
    anthovan, 12th Jun, 2015
    #1
  2. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

    Joined:
    18th Jun, 2015
    Posts:
    41,978
    Location:
    Australia wide
    You probably could. But that would expose the new property to CGT - eventually.
     
    Terry_w, 13th Jun, 2015
    #2
  3. anthovan

    anthovan New Member

    Joined:
    1st Jul, 2015
    Posts:
    3
    Location:
    Perth
    Thanks Terryw for your reply. I am aware I'll expose the new property but that's in the future and I can plan for it better next time.
     
    anthovan, 13th Jun, 2015
    #3