I win auction, tenant lease until March 2015, I want PPOR

Okay broker and lawyer have confirmed I will receive the discount. *deep breaths* The learning curve here is huge.
 
There is a Stamp Duty concession form for you to complete to advise that you plan to make the property your PPOR within 12 months. Your conveyancer should provide this for you.
 
You wont forego the CGT exemption. It just wont start until you move in.

So when you do sell you might have to calculate a CGT amount on a small period of time that it was rented before you moved in.

You will get all the rent due after settlement.

Hi Simon, this is what the ATO states. From reading it i assume since you didnt move in as soon as practical you dont get the CGT exemption

https://www.ato.gov.au/General/Prop...ax/#Moving_from_one_main_residence_to_another

Moving from one main residence to another
A dwelling is considered to be your main residence from the time you acquired your 'ownership interest' in it, provided you moved in as soon as practicable after that time. If you purchased the dwelling, you acquired your ownership interest on the date of settlement of the purchase contract.
If there is a delay in moving in because of illness or other unforseen circumstances and you move into the dwelling as soon as the cause of the delay is removed, the exemption may still be available from the time you acquired your ownership interest in the dwelling.
If you could not move in because your new dwelling was being rented to someone, you are not considered to have moved in as soon as practicable after you acquired your ownership interest.
 
If you could not move in because your new dwelling was being rented to someone, you are not considered to have moved in as soon as practicable after you acquired your ownership interest.

That kinda sounds like a contradiction.

ATO:"Move in as soon as practicable"
ME: "OK sure no worries I'll just wait until the existing tenant contract is fulfilled and then move in (i.e. can't legally move in until they finish their lease)"
ATO: "Nope sorry you should have moved in earlier"
 
That kinda sounds like a contradiction.

ATO:"Move in as soon as practicable"
ME: "OK sure no worries I'll just wait until the existing tenant contract is fulfilled and then move in (i.e. can't legally move in until they finish their lease)"
ATO: "Nope sorry you should have moved in earlier"
I think the logic is that if you're purchasing a PPOR, you wouldn't buy a property with a tenant in place. :)
 
What insurances should I have in place until the lease is up (approx 7 months time) and then from when I move in?
 
Combined building and landlord insurance eg EBM Rentcover

When you convert to PPOR cancel the EBM policy and change to a standard insurer
 
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