Howdy
Quick question, So we've lived in our PPOR for more than 12 months.
We decide to rent it out and move out to rent ourselves.
Can we still claim this property as our PPOR for Tax proposes and apply the 6 year rule if we decide to sell?, even tho it is now an income producing asset and we reside elsewhere.
Below site explains but having an argument with a business banker buddy who is adamant that I will have to pay CGT if it produces income.
https://www.ato.gov.au/General/Capi...ng-as-your-main-residence-after-you-move-out/
Cheers
Quick question, So we've lived in our PPOR for more than 12 months.
We decide to rent it out and move out to rent ourselves.
Can we still claim this property as our PPOR for Tax proposes and apply the 6 year rule if we decide to sell?, even tho it is now an income producing asset and we reside elsewhere.
Below site explains but having an argument with a business banker buddy who is adamant that I will have to pay CGT if it produces income.
https://www.ato.gov.au/General/Capi...ng-as-your-main-residence-after-you-move-out/
Cheers