Hi guys,
sorry if this has been asked before, but I did a search and didn't have much luck.
I am interested in buying a new apartment, building commenced, due for completion late 2012. My ideal plan is to live in it for a few years as my PPOR then subsequently rent it out as an IP.
The only catch is that there is a small chance my employment may move me overseas prior to this and hence it may become an IP from the beginning.
Regarding GCT - what if it started life as an IP, but I subsequently moved into it as my PPOR when I moved back to the country - am I then exempt from CGT if/when I sell it down the line?
Are there specific time frames regarding this?
I understand the 6 year rule, but I thought that was for when the property first started as your PPOR - what if it all happened in reverse - started as an IP and later became my PPOR?
cheers
sorry if this has been asked before, but I did a search and didn't have much luck.
I am interested in buying a new apartment, building commenced, due for completion late 2012. My ideal plan is to live in it for a few years as my PPOR then subsequently rent it out as an IP.
The only catch is that there is a small chance my employment may move me overseas prior to this and hence it may become an IP from the beginning.
Regarding GCT - what if it started life as an IP, but I subsequently moved into it as my PPOR when I moved back to the country - am I then exempt from CGT if/when I sell it down the line?
Are there specific time frames regarding this?
I understand the 6 year rule, but I thought that was for when the property first started as your PPOR - what if it all happened in reverse - started as an IP and later became my PPOR?
cheers
