Looking for some input.
My current PPOR is an OTP unit that settled earlier this year. As far as I am aware, there is no CGT applicable as long as I live in this unit for a reasonable length of time, and sell within 6 years of ownership.
I plan on moving back home around March 2015. As a result I would have resided in this unit for around the 8 month month. As long as I am correct that no CGT is applicable shall I sell and realise a capital gain... I am not sure if I should sell the property all not. I purchased this proeprty for $550k. I believe I would only look at selling if I can sell for $800k minimum. This being the case, I am looking to gauge your input if it is worthwhile.
As this property qualified for the FHOG benefits, no stamp duty was payable so I am not at a "loss" for that at all. If I were to sell, I would use the net sale proceeds as deposits to acumulate further investment properties/stocks depending on conditions. However being a brand new property, should I be concerned that I will not be able to maximise further depreciations in comparison to buying other investment properties that are not as new etc?
I think at this point, as long as I can obtain $800k as a sale price, I think I will sell to take advantage of the profit without paying tax. But looking to get other perspectives to tell me not to sell instead.
Ta,
Alex
My current PPOR is an OTP unit that settled earlier this year. As far as I am aware, there is no CGT applicable as long as I live in this unit for a reasonable length of time, and sell within 6 years of ownership.
I plan on moving back home around March 2015. As a result I would have resided in this unit for around the 8 month month. As long as I am correct that no CGT is applicable shall I sell and realise a capital gain... I am not sure if I should sell the property all not. I purchased this proeprty for $550k. I believe I would only look at selling if I can sell for $800k minimum. This being the case, I am looking to gauge your input if it is worthwhile.
As this property qualified for the FHOG benefits, no stamp duty was payable so I am not at a "loss" for that at all. If I were to sell, I would use the net sale proceeds as deposits to acumulate further investment properties/stocks depending on conditions. However being a brand new property, should I be concerned that I will not be able to maximise further depreciations in comparison to buying other investment properties that are not as new etc?
I think at this point, as long as I can obtain $800k as a sale price, I think I will sell to take advantage of the profit without paying tax. But looking to get other perspectives to tell me not to sell instead.
Ta,
Alex