Looking at selling one of our IP's, rough numbers and dates as follows:
-Buy unit Nov 03, cost $450k and live in for 12 months
-Move out and rent for approx 2 years until Oct 06. Not claiming PPOR elsewhere during this period.
- Move back in Oct 06, do $25k reno and live in for 18 months until April 08.
- Move out April 08, get valuation for $480k and rent out until Oct 12. Claim PPOR elsewhere during this time.
- Sell Oct 12 for $590k
QUESTION: Is this CGT just on the increase in value from April 08 ($590k - $480k = $110k and then take 50% of this ?
Ross
-Buy unit Nov 03, cost $450k and live in for 12 months
-Move out and rent for approx 2 years until Oct 06. Not claiming PPOR elsewhere during this period.
- Move back in Oct 06, do $25k reno and live in for 18 months until April 08.
- Move out April 08, get valuation for $480k and rent out until Oct 12. Claim PPOR elsewhere during this time.
- Sell Oct 12 for $590k
QUESTION: Is this CGT just on the increase in value from April 08 ($590k - $480k = $110k and then take 50% of this ?
Ross