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Ppor/ip cgt

Discussion in 'Accounting, Tax & Legal' started by mi65ni, 22nd Sep, 2012.

  1. mi65ni

    mi65ni New Member

    Joined:
    25th Aug, 2012
    Posts:
    4
    Location:
    Newcastle, NSW
    I am wandering what CGT I would be liable for?

    Bought a property, rented out for 6months, moved in and has been PPOR ever since. Looking at a ratio 6months/30months. The main question is, am I able to get a evaluation for the date when I moved in, and use the difference from start for CGT with the rest CGT free or must it be portioned by ratio? Reasoning behind q is that I done a renovation which i believe added most of capital increase whilst it was a PPOR

    Thanks
    Nathan
     
  2. Terryw

    Terryw Well-Known Member

    Joined:
    9th Jun, 2006
    Posts:
    653
    Location:
    Sydney
    No, because you moved into an investment property so CGT will depend on a percentage basis. see s.118-185 ITAA97
    INCOME TAX ASSESSMENT ACT 1997 - SECT 118.185 Partial exemption where dwelling was your main residence during part only of ownership period