Ppor/ip cgt

Discussion in 'Accounting & Tax' started by MI65NI, 22nd Sep, 2012.

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  1. MI65NI

    MI65NI Member

    Joined:
    27th Apr, 2018
    Posts:
    6
    Location:
    Newcastle
    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
     
    MI65NI, 22nd Sep, 2012
    #1
  2. Terry_w

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

    Joined:
    18th Jun, 2015
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    Australia wide
    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
     
    Terry_w, 22nd Sep, 2012
    #2
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