CGT implication

[esdarch]

Hi all,

I go to see my accountant soon, but hope to hear any second idea about my situation in term of CGT implication

PPOR value 450 buy 2012, still living in there
IP1 value 650 buy 2013, spent 6 months for a large reno then rent out, get deprecation report and valuation done before tenanted.
IP2 value 800 buy 2014, settle next couple months, will rent out couple year but want to treat as PPOR and move back in for kid schooling.

All property is developable site in Melbourne, would like to keep all as long as possible.

My dilemma is:

- Should I move in IP2 immediately for CGT fully exemption instead of renting it out after settlement, or leave it vacant.
- Should I treat IP1 to be PPOR in 6 months for partly CGT exemption
- Should I sell current PPOR?

Any thoughts would be greatly appreciated.

Essa

 

[Scott No Mates]

If you don't make IP2 your PPOR, it will be subject to cgt for the portion of time that you don't live in it (either rented or vacant), may also be subject to Land Tax as well.