CGT on renovations for PPOR

[Jas]

Guys,

While I know you don't get CGT on you PPOR--if you buy, live in while renovating and sell 'many' times, you get classified as a trader and then get hit with CGT.

How many is 'many'?

I do renovating on other people's property as a side business, so would this influence the ATO's decision as I already admit to running a business in this area...

Thoughts please

Jas

 

[paulzag]

Hi Jas

The plumber who works on my kitchen is running a business. Does that mean I am in the business of renovations on my PPOR?

Can't answer how many is too many.

Regards

Paul Zag
Dreamspinner

 

[DaleGG]

Originally posted by jas
Guys,

While I know you don't get CGT on you PPOR--if you buy, live in while renovating and sell 'many' times, you get classified as a trader and then get hit with CGT.

How many is 'many'?

I do renovating on other people's property as a side business, so would this influence the ATO's decision as I already admit to running a business in this area...

Thoughts please

Jas

Hiya Jas

There is no definition available. It will depend upon the facts including how often and how long you were in each property. Sorry, but, this is about as good as it gets . . .

Have fun

Dale

 

[Jas]

Thanks Paul...

Got another idea. Can my partner have a different PPOR than me?

Jas