I have a question re this: https://www.ato.gov.au/General/Capital-gains-tax/In-detail/Real-estate/Treating-a-dwelling-as-your-main-residence-after-you-move-out/
So in the case you have had two properties of overlapping periods, for which you haven't rented either, and you have lived in both, it sounds like you can:
a) basically determine yourself at what point you want to define the PPOR swapping from one to the other, as long as over the course of your tax returns to ATO there is consistency in terms of only one can be your PPOR at any one time...do I have this correct?
b) in terms of calculating impact of CGT for say property 1 which was your PPOR for a portion of the overall period, it appears you just calculate the overall capital gains, and then apply the ratio of what portion of time your owned the property was it deemed to be your PPOR. So if you were there 2 out of 3 years, then applicable capital gains would then be only 1/3 of the figure you have calculated. Is this correct?
So in the case you have had two properties of overlapping periods, for which you haven't rented either, and you have lived in both, it sounds like you can:
a) basically determine yourself at what point you want to define the PPOR swapping from one to the other, as long as over the course of your tax returns to ATO there is consistency in terms of only one can be your PPOR at any one time...do I have this correct?
b) in terms of calculating impact of CGT for say property 1 which was your PPOR for a portion of the overall period, it appears you just calculate the overall capital gains, and then apply the ratio of what portion of time your owned the property was it deemed to be your PPOR. So if you were there 2 out of 3 years, then applicable capital gains would then be only 1/3 of the figure you have calculated. Is this correct?