PPOR to IP, CGT, valuation & 6 year rule

[danielt]

Hi, I'm thinking of converting my PPOR to an IP. I purchased a PPOR at the end of 2005 and moved out of my PPOR in 2008 but it has just remained empty as I moved town and hadn't considered to rent it. Is my understanding correct in that you can keep a property as a PPOR for 6 years from the time you move out, and still be CGT exempt.

In the meantime if I rent it out within that 6 year period the 6 year rule does not apply and I am not liable to pay CGT from the day I rent it out?

Also regarding valuations for CGT purposes, is an assessment from a realestate agent suitable for the ATO or must it come from a registered valuer?

is it adviseable to get the valuation just prior to it being rented?

thanks, Daniel.

 

[marg4000]

You can be absent from your PPOR for six years and not be liable for CGT when you sell. Doesn't matter if you rent it or not. BUT you can't claim another PPOR during that time - means you have to rent.

I have heard that you can get 3 RE agents to do a valuation and average them out, but to be sure a registered valuer would be watertight.
Marg

 

[BKR]

do you have to move back into it before you sell for this?

I thought someone here said that. I have just moved out and am renting my ppor while renting a mates place which is much nicer. I wan't to get a new ppor later but have no intention of moving back to the old place, just selling it to fund the new one.

Chris