I bought my first property in November 2011 with Tenant (fixed term leasing till 1st week of June 2012). So it will be my IP till 1st week of June.So I am currently negatively gearing it.
Do I have to get a property valuation on the day I move in(as it been IP for 6 month), so that I can accurately determine my CGT liability in case I ever sell it in the future.
What would happen if I lived there for 3-5 years? Under current tax law, could I then turn it back into an investment property after I've moved out and I've bought a new PPOR?
How is CGT determined if I ever sell it down the track and is six-year vacancy rule applied in my case?
Regards,
Nik
Do I have to get a property valuation on the day I move in(as it been IP for 6 month), so that I can accurately determine my CGT liability in case I ever sell it in the future.
What would happen if I lived there for 3-5 years? Under current tax law, could I then turn it back into an investment property after I've moved out and I've bought a new PPOR?
How is CGT determined if I ever sell it down the track and is six-year vacancy rule applied in my case?
Regards,
Nik