When does PPOR become IP?

[Montoya]

I've been given conflicting advice on the topic.

My situation is the following:
- property settled 18th June - currently residing in it as PPOR
- RE has advised that I should sign an agreement with them circa November 2014, advertise the property available for rent from 19th December allowing time for tenants to give notice at previous address and move in before xmas and still comply with 6 months of living at PPOR therefore being able to claim the 6 month / 6 year rule.

Elsewhere, I have read that merely the intent to lease the property constitutes it becoming an IP (therefore signing an agreement prior to the 18th December would mean we would fall short of having it as a PPOR for the minimum of 6 months.

It would be great if the first were true as with Xmas/New Year we would be missing out on a few weeks of rent. Can anyone confirm?

Thanks.

 

[D.T.]

Available to rent counts as IP from all the sources I've asked similar questions of.

Christmas week will be a helluva time finding tenants?

 

[Terry_w]

I've been given conflicting advice on the topic.

My situation is the following:
- property settled 18th June - currently residing in it as PPOR
- RE has advised that I should sign an agreement with them circa November 2014, advertise the property available for rent from 19th December allowing time for tenants to give notice at previous address and move in before xmas and still comply with 6 months of living at PPOR therefore being able to claim the 6 month / 6 year rule.

Elsewhere, I have read that merely the intent to lease the property constitutes it becoming an IP (therefore signing an agreement prior to the 18th December would mean we would fall short of having it as a PPOR for the minimum of 6 months.

It would be great if the first were true as with Xmas/New Year we would be missing out on a few weeks of rent. Can anyone confirm?

Thanks.

There may be diffences between what the ATO considers and what the OSR considers. it sounds like you want to know from the OSR point of view. So google the name of the grant you received with the word 'act' after it and look up the legislation. Find the definition in there.

 

[Paul@PFI]

Terry view I accept. You seem to have to satisfy the requirement to RESIDE for at least six months. Thats a very simple test. The issue is "when" does the relevant issue arise...

For example for CGT the acquisition date may well be the date you contracted not the date you moved in...The OSR probably the dates you move in and out. Such a small detail and if you misjudge timing by a day can change the tax outcomes / entitlements etc.

Probably good reason to do some research then validate it with some personal advice.