Hi All,
My mate has a scenario I was not too sure about.
Has Current PPOR (always lived there) and wants to sell, he would be CGT exempt.
He has another place lined up that he believes is under valued that is OTP due to finish construction in June and is considering purchasing it.
Let us say he was to purchase it and also claim it as PPOR (6 month rule) and once completed move in. How long would he need to then live there for before selling to again avoid CGT?
The ATO makes no mention of a timeframe, except "ownership period"? Is this usually 12 months? And if so would that mean he would only need to live in it for 6 months before being able to sell?
Somerthing is telling me however that the ATO may look at this a bit different though given the quick flip involved?
My mate has a scenario I was not too sure about.
Has Current PPOR (always lived there) and wants to sell, he would be CGT exempt.
He has another place lined up that he believes is under valued that is OTP due to finish construction in June and is considering purchasing it.
Let us say he was to purchase it and also claim it as PPOR (6 month rule) and once completed move in. How long would he need to then live there for before selling to again avoid CGT?
The ATO makes no mention of a timeframe, except "ownership period"? Is this usually 12 months? And if so would that mean he would only need to live in it for 6 months before being able to sell?
Somerthing is telling me however that the ATO may look at this a bit different though given the quick flip involved?