Living in your IP?

Hi all

If you rent or live somewhere else - do you have to have one of your own properties as a PPOR? Or if you have multiple properties, can they all be IP?

If they are all IP, can you live in it? (expenses been tax deductible, have to pay CGT on sale)?

If not, can you buy a property, lease it to someone and they do vice versa? or someone leases it and you live in it?

What determines what is IP or PPOR? Do you have to notify anyone or just keep it noted in the tax return?

Forgive me for so many questions... Just trying to get an understanding about it... thanks :)
 
If you rent or live somewhere else - do you have to have one of your own properties as a PPOR?
No

Or if you have multiple properties, can they all be IP?
Yes

If they are all IP, can you live in it?
Yes, but you can't call it an IP then

(expenses been tax deductible, have to pay CGT on sale)?
No - once you start living in one of your IPs then tax ded. ceases.

If not, can you buy a property, lease it to someone and they do vice versa?
Yes

or someone leases it and you live in it?
which someone?

What determines what is IP or PPOR?
whether YOU are living there or not

Do you have to notify anyone
No & Yes

or just keep it noted in the tax return?
This is the yes part of the answer above. If you ever sell then CGT may apply - all sorts of rules around it. Also for state based land tax - if you are over the threshold, requires you to nominate a PPOR.

Forgive me for so many questions... Just trying to get an understanding about it... thanks :)
No ...oh sorry I was still answering your Q's ;)
 
Top