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If your friend is claiming tax deductions for their PPOR and not receiving or declaring any income from a boarder then I would think that being convicted of fraud might be a major disadvantage of this "innovative way" Good luck.

I was under the impression that the amount of depreciation claimed is added to the cost base when calculating any cap gains. To answer the OP, I think your friend can only proportionately claim any of their holding costs and expenses. The CGT liability will then be worked out from the same %...