Help please

[ynnug]

A friend is in need for some advice.

They bought a land in Dec 2010. Then built on that land and started living in the house from May 2011. They have to move cities due to work.

Now they want to sell or lease the property.

The question is: if they rent the property, can they still claim the house as PPOR if they sell it in the 6 years years and pay no tax on the profit?

Where can I read about this? Any ATO link?

 

[The Y-man]

http://calculators.ato.gov.au/scripts/axos/axos.asp?CONTEXT=&KBS=CGT_and_real_property.XR4&go=ok

The Y-man

 

[ynnug]

Does not help really.

 

[Lupo]

Best just ring the ATO. They'll tell you or pay for the accountant (a good one)...

 

[wobbycarly]

A friend is in need for some advice.

They bought a land in Dec 2010. Then built on that land and started living in the house from May 2011. They have to move cities due to work.

Now they want to sell or lease the property.

The question is: if they rent the property, can they still claim the house as PPOR if they sell it in the 6 years years and pay no tax on the profit?

Where can I read about this? Any ATO link?

My understanding - short answer = Yes, as long as they rent, and don't buy another PPOR in this period.