Comments on: Tax Considerations When Transferring PPOR to an Investment http://www.quinns.com.au/blog/2010/05/19/tax-considerations-when-transferring-ppor-to-an-investment/ Thu, 17 May 2012 13:26:01 +0000 http://wordpress.org/?v=2.7.1 hourly 1 By: Honda http://www.quinns.com.au/blog/2010/05/19/tax-considerations-when-transferring-ppor-to-an-investment/comment-page-1/#comment-1643 Honda Thu, 24 Feb 2011 03:31:22 +0000 http://www.quinns.com.au/blog/?p=838#comment-1643 Hi, we bought our first home 3 years ago with half mortgage paid. We are thinking of buying a larger house in the nearby suburb as our kids are growing up and would need separate bedrooms in a few years. However, since we would need to borrow a large amount of money it will not be affordable for us to move to the new house immediately, we are thinking of renting it out for a few years (so can claim some tax deduction), then later move in and live there as our main residence (and will rent out the current unit as IP). Our intention is that the new house will be our PPR when we can afford to move in. Our questions are: (1) can we turn the new house to PPR after renting it for a few years , and be qualified for CGT full exemption if we ever sell it in the future? (2) if we cannot do as above, can we move in the new house immediately after settlement for 1 year, then return to current unit to live for a few years (3 to 5) , then later move back to the new house to live ? in this case, can our new house be fully exempted from CGT Really appreciate your advise on this as we' re trying to read info in the internet but really get confused of the law and treatments. Thanks & Regards Hi, we bought our first home 3 years ago with half mortgage paid. We are thinking of buying a larger house in the nearby suburb as our kids are growing up and would need separate bedrooms in a few years. However, since we would need to borrow a large amount of money it will not be affordable for us to move to the new house immediately, we are thinking of renting it out for a few years (so can claim some tax deduction), then later move in and live there as our main residence (and will rent out the current unit as IP).

Our intention is that the new house will be our PPR when we can afford to move in.

Our questions are: (1) can we turn the new house to PPR after renting it for a few years , and be qualified for CGT full exemption if we ever sell it in the future?

(2) if we cannot do as above, can we move in the new house immediately after settlement for 1 year, then return to current unit to live for a few years (3 to 5) , then later move back to the new house to live ? in this case, can our new house be fully exempted from CGT

Really appreciate your advise on this as we’ re trying to read info in the internet but really get confused of the law and treatments.

Thanks & Regards

]]> By: Michael Quinn http://www.quinns.com.au/blog/2010/05/19/tax-considerations-when-transferring-ppor-to-an-investment/comment-page-1/#comment-1269 Michael Quinn Wed, 20 Oct 2010 03:35:31 +0000 http://www.quinns.com.au/blog/?p=838#comment-1269 Hi Yudith, Someone from our office will be in contact with you shortly. Kind regards, Hi Yudith,

Someone from our office will be in contact with you shortly.

Kind regards,

]]> By: Yudith http://www.quinns.com.au/blog/2010/05/19/tax-considerations-when-transferring-ppor-to-an-investment/comment-page-1/#comment-1266 Yudith Tue, 19 Oct 2010 23:08:23 +0000 http://www.quinns.com.au/blog/?p=838#comment-1266 My husband just purchase another house and we declare it as our new PPOR (because he is a TR). However, I am currently on last stage of pregnancy and I believe my husband's PR will be granted around or by the time of settlement. My question is, since we declare it'll be our PPOR, is there any rules on how long we need to stay in the new place before we can rent it out? And also, usually we pay less on stamp duty during PPOR purchase, will it affect anything if we rent out this PPOR? Is there any implication if we actually stay on our IP and rent out our PPOR? And who need to be notified if we want to swap our PPOR and IP? I will be grateful if you can advice. Thank you. My husband just purchase another house and we declare it as our new PPOR (because he is a TR). However, I am currently on last stage of pregnancy and I believe my husband’s PR will be granted around or by the time of settlement.

My question is, since we declare it’ll be our PPOR, is there any rules on how long we need to stay in the new place before we can rent it out? And also, usually we pay less on stamp duty during PPOR purchase, will it affect anything if we rent out this PPOR?

Is there any implication if we actually stay on our IP and rent out our PPOR? And who need to be notified if we want to swap our PPOR and IP?

I will be grateful if you can advice. Thank you.

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