IP becomes PPOR for 12 months, then sell, then what?

[Desto]

I wonder what the CGT implications are for this scenario:

Buy IP:
1. rent out for about 7 months.
2. IP becomes PPOR for 14 months, before being sold.
3. During that time, former PPOR is rented out, but no tax deduction have been for that period.


Do I now have pay CGT on that property that has been sold?

 

[WillG]

Hi Desto,

I will hazard a guess and say that if you haven't claimed any tax deduction for your original PPOR (while it was rented), the tax office may deem it is still your PPOR for taxation purposes; hence - the IP that is being lived in for 14 months is still deemed as an IP thus you would be liable for CGT on it and it would be calculated based on the time you owned it prior to moving into it.