Hi there,
Plan:
- Purchase an IP and 2 years later move into said property making it my PPOR.
- Make improvements to the property (i.e. new kitchen) after the property becomes my PPOR,
Question: Are the invoiced Capital Improvements costs incurred in the 'PPOR years' able to be added to the cost base to reduce CGT when eventually sold?
In other words, for the years or period of time when the property is not rented and it is my PPOR, do capital improvements offset the CGT payable?
Or is it only applicable to the period of time when the property is rented...?
Thanks for your help in advance...
Plan:
- Purchase an IP and 2 years later move into said property making it my PPOR.
- Make improvements to the property (i.e. new kitchen) after the property becomes my PPOR,
Question: Are the invoiced Capital Improvements costs incurred in the 'PPOR years' able to be added to the cost base to reduce CGT when eventually sold?
In other words, for the years or period of time when the property is not rented and it is my PPOR, do capital improvements offset the CGT payable?
Or is it only applicable to the period of time when the property is rented...?
Thanks for your help in advance...