CGT, PPOR, I need vacant possesion right?

So I made an offer today on a currenty tenanted property that is to be our PPOR and the agent asked me would I require vacant possesion.
We dont have our current PPOR on the market so there will be some time between settling on this one moving in, let say 3 months.
Am I correct in assuming that if I dont get vacant possesion in the contract and give the tenant 60 days notice to vacate a month after settlement I would be liable for CGT for a portion of the sale price if I sell in the future based on a time rented/time lived in calculation?
Does the tax office actually calulate it down to days?
 
Yes. But not just vacant possession but also then occupy it as your sole principal place of residence as soon as practicable too. Then the other prop becomes taxable for the next XX days.

Yes the partial MR exemption comes down to days...But consider that if it was 7 days over 10 years its magniude is trivial.
 
Thanks Paul.

I occurs to me I was thinking of CGT in terms of using the property to produce an income but capital gain has to do with appreciation of the asset not its ability to produce an income.
At the end of the day I'm going to own both properties for a peroid of time so I might as well have someone renting the new property while I sell my current PPOR rather than leaving it vacant.
 
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