Depreciation on PPOR

[Luc]

Hi

I am off travelling for 6 months next year and will be renting out my PPOR. The property was built in 1988. If I claim the capital allowance for the building, will I be charged CGT when I sell the property? Will the depreciation be taken from the cost base?
(I may be selling it when I get return, but intend to live in it for a short time)

Thanks

Luc

 

[DaleGG]

Originally posted by Luc
Hi

I am off travelling for 6 months next year and will be renting out my PPOR. The property was built in 1988. If I claim the capital allowance for the building, will I be charged CGT when I sell the property? Will the depreciation be taken from the cost base?
(I may be selling it when I get return, but intend to live in it for a short time)

Thanks

Luc

Hi Luc

No, under the tax law you can rent your home out and not be subject to CGT providing you move back in within 6 years of moving out.

This is regardless of the depreciation or other claims.

Have fun

Dale