Cap gainss

[SOULFLY3]

Hi guys just wanting a second opinion..
If my PPOR sells tomorrow for 380k.

Bought - December 2010 (319k)
Rented during - Dec-2012 to September 2013 (10 months)

I can either move into my other ip (as i want to reno)
Or continue renting interstate as i work FIFO.

Any other question please feel free to ask if it helps


Thanks !

 

[impala67]

Hi guys just wanting a second opinion..
If my PPOR sells tomorrow for 380k.

Bought - December 2010 (319k)
Rented during - Dec-2012 to September 2013 (10 months)

I can either move into my other ip (as i want to reno)
Or continue renting interstate as i work FIFO.

Any other question please feel free to ask if it helps


Thanks !

What is your dilemma?

Are you weighing up the cost difference between each action?

What is the cost difference?

 

[SOULFLY3]

Sorry to clarify..
I dont want to pay capital gains ha ha
My accountant said 8k i would pay based on my above
Numbers

Is that correct?
Or is there an exemption by renting?

Really have no idea
Thanks

 

[D_One]

Hi guys just wanting a second opinion..
If my PPOR sells tomorrow for 380k.

Bought - December 2010 (319k)
Rented during - Dec-2012 to September 2013 (10 months)

I can either move into my other ip (as i want to reno)
Or continue renting interstate as i work FIFO.

Any other question please feel free to ask if it helps


Thanks !

What did you do within that 10 months (December 2012 - September 2013)? Did you rent a place or purchase another PPOR?

If you rented a place interstate due to your work commitments, you may be eligible for the capital gains tax exemption from the 6 year rule.

 

[SOULFLY3]

What did you do within that 10 months (December 2012 - September 2013)? Did you rent a place or purchase another PPOR?

If you rented a place interstate due I your work commitments, you may be eligible for the capital gains tax exemption from the 6 year rule.

Hi D1
Yes I moved back to my parents and rented to a friend thru a real estate
As I was FIFO.
I left power and water in my name thou will that cause any drama?
As i new i would move back in eventually (as I did)

 

[coastymike]

Was originallly your ppor in dec 2010. You moved out to mum and dads and have lived there till now.

Use main residence absence provisions up to 6 years I.e. 2010 to 2014 will be covered by the exemption and the property will be free from cgt if sold now.

 

[SOULFLY3]

Hi Mike,
Yes bought in 2010 and was my first PPOR
The only time it was rented out was during
December 2012 to September 2013.
And since I have been living in that property.


If I sell the above property can I move into
my other property which is Currently an ip?
Or am I better renting? Or does it make no
Difference in regards to paying CGT for the
sale of the PPOR?


Damn confusing it is! :/
Thank you

 

[baby blue eyes]

Change accountants...:. No cgt 6 year absence rule!

 

[SOULFLY3]

Thanks!
I def will be
Just msged mick from House of Wealth

 

[SOULFLY3]

Rather than starting a new thread..
I did successfully sell my PPOR
And am looking at selling one other ip to put funds towards
My first development
Can someone give me a rough CGT figure
Purchased 130k in 2005 used FHOG
And has been rented the whole time

Estimate sell price would be 260k

Please note- loan is 180k due to equity release


Thanks

 

[Paul@PFI]

Soulman...I would really recommend you find a good acct (ie Mike) and then discuss projected CGT with him. There can a load of issues that affect how its calculated. You cant rely on the guesses someone unqualified may post here.

 

[SOULFLY3]

True Paul,
Mike is now my accountant
Just thought id ask for a rough idea but you are correct
Many variations to consider