PPOR Question

[madmurf]

Hi

I have a question about PPORs.
I am currently married but will be separating from my wife once my (in only my name) IP has been completed. :(
The question is as follows.
Once I move into the freshly completed IP of which I have never made a Tax deduction or generated any income.
Can this new home now be claimed as being my new PPOR and as such exempt CG if sold after 12 months of occupancy? :confused:
Also if I do get back together with my wife after selling this property can I now claim the original shared home as my PPOR.? :confused:

Cheers :D

[hrhpablo]

Hi

Can this new home now be claimed as being my new PPOR and as such exempt CG if sold after 12 months of occupancy? :confused:
Also if I do get back together with my wife after selling this property can I now claim the original shared home as my PPOR.? :confused:

Cheers :D

I'd think (and with all respect to the obvious emotions that are involved) that you should first work out whether you are separating or not.

Anyway, I'd seek out DaleGG - where are you DaleGG?? - he gave me great advice on Capital Gains on another thread, so see if you can get his attention. Good luck!! :cool:

[willair]

.
Can this new home now be claimed as being my new PPOR and as such exempt CG if sold after 12 months of occupancy? :confused:
Also if I do get back together with my wife after selling this property can I now claim the original shared home as my PPOR.? :confused:

madmurf,
just ask yourself this question what happens if your
wife finds someone else,imho i would find a good
legal practitioner and understand the legal opinions
before you start..
good luck
willair..

[geoffw]

Somebody more cynical than me might wonder that you might be separating for tax purposes :(

[tubs]

What about if you bought/built a second property for both of you. Then when you decided to go your separate ways, you moved, but your wife stayed put. This would mean you each have a PPOR. This should be fine, considering you never even rented the other one out.

Tubs

[Brizzy Boy]

"Man' it is strange that this question had been posted today as a mate of mine asked the same question of me today. He and his wife have a PPOR only on his name,they want build a second home in her name only, wife claims first home buyers grant, moves in for 12 months moves out and back home then sells her PPOR.

I am a believer in ethics, what are other's view points.

Regards
John

[DaleGG]

Hi

If you separate from your spouse it is a very good idea to get a court order distributing your assets between you as this enables the assets to be moved CGT free.

Yes, the IP can be deemed your PPOR from day one but only if you move in as soon as the property is built. Otherwise, the property will be partly exempt from CGT.

Keep things simple.

Dale

[madmurf]

Thanks for the response but please realise people this is a tax question around CGT and PPORs.
Dale I think you and Tubs have answered my question.

Cheers