Maximising Capital Gain - PPOR Concession

[Able]

I currently live in a unit which for tax purposes is my PPOR. I am proposing to do a project which will involve a considerable value add to a new property which will become my next PPOR. I do not need to move into this next property straight away and it may suit me to put off the move for 2-3 years, however because of the value add I would like to have make sure this property is treated as my PPOR (so that it is capital gains free) from the outset. The project will take up to 2 years to complete once property is acquired. My current PPOR (unit) will be retained and will become an IP once I move out.

I believe I can nominate which property will have PPOR status regardless of whether I am living in it, and provided that I only have one PPOR at a time. But I am wondering whether there is way I can further maximise my situation (within the legislation of course) by minimising capital gains tax liability in the future?

Regards
Able

 

[jrc]

My understanding is that the CGT legislation means that if youw nat the second property to be treeated as your PPOR from the time of purchase you will need to move into it at that time so that it can become your PPOR. You can subsequently move out. You will need to change driver's licence etc etd so that it can be shown to be your PPOR.