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CGT where PPOR first rented then you move in
It may not be as bad as you think. For example if you hold the property for 10 years total, you would be liable for CGT of 1/10th of the capital gain. (Rented for one year, total ownership 10 years). Further, you would get a 50% reduction for holding the asset for over 12 months. Reno costs...- dan c
- Post #8
- Forum: Accounting and Tax
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CGT where PPOR first rented then you move in
The ATO is correct. Valuation is only required where it goes from PPOR to IP. That is the law. Your theory about valuation being purchase price is also wrong. Theoretically, if valuation was allowed, it would be the valuation at the time it became your PPOR, not the purchase price...- dan c
- Post #3
- Forum: Accounting and Tax