Fast and slow words

A lot of people rent their home out then rent places overseas to live for a few hundred dollars a month.

Or they may be mostly based in Melbourne but head north to their Queensland holiday home (which they also own) in winter. My understanding is that only one of them can be counted as a PPOR at any one time and thus has the capital gains tax exemption.

https://www.ato.gov.au/General/Capital-gains-tax/ & http://www.theaustralian.com.au/arc...holiday-hideaway/story-fn92b3v1-1226122425831

There may be other times when the PPOR receives favourable treatment, eg the age pension, compared to other items eg holiday homes. http://www.taxreview.treasury.gov.a...t_Income_Strategic_Issues_Paper/Chapter_6.htm

Getting back to topic:

IP (occupied) = fast word
PPOR = slow word
Holiday house = even slower word
Consumer credit = tiderc remusnoc
 
Go find your Primary Property of Residence on the ATO site. Can't find it? not the same thing, then.
I find it is usually referred to as "Main residence" these days.

https://www.ato.gov.au/General/Capi...-estate/Is-the-dwelling-your-main-residence-/

https://www.ato.gov.au/General/Capi...ng-as-your-main-residence-after-you-move-out/

Principal Place of Residence (PPoR), which is now referred to as "Main Residence" by the ATO is important to understand because it has many tax implications including:
tax deductibility of loans
depreciation
capital gains tax
etc

You can also rent out your Main Residence and live somewhere else. I guess that is why investors refer to their PPoR (now MR). For nearly five years, I didn't even live in my MR for nearly 5 years. I still considered it my MR though.
 
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