澳洲Australia property 6 yr rule & cgt | Sydney

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Apart from other properties, we have fully owned ppr and a townhouse in Qld which was our ppr. Qld has been rented out for 4 years and if we were to shift back in before the 6 years (with a view to selling it after a while) how would this affect me taxwise. i.e. we wouldnt be renting out our existing ppr but that would have to go onto my landtax assessment, but what ramifications for ppr after we sell Qld and shift back into it?  

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fernfurn said: ↑
Apart from other properties, we have fully owned ppr and a townhouse in Qld which was our ppr. Qld has been rented out for 4 years and if we were to shift back in before the 6 years (with a view to selling it after a while) how would this affect me taxwise. i.e. we wouldnt be renting out our existing ppr but that would have to go onto my landtax assessment, but what ramifications for ppr after we sell Qld and shift back into it?Click to expand...
You can only claim one house as your main residence.  

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Terry_w said: ↑
You can only claim one house as your main residence.Click to expand...
Here is a question what if you have one existing house you are living in and built another one and you put up your first residence for sale and move into the new one, what happens in that case?  

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John_ said: ↑
Here is a question what if you have one existing house you are living in and built another one and you put up your first residence for sale and move into the new one, what happens in that case?Click to expand...
There is a 6 month overlap provision to allow a person to count 2 houses during the period of buying one and selling another. Not sure it would work with building though. s118-140
http://www.austlii.edu.au/au/legis/cth/consol_act/itaa1997240/s118.140.html  

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Terry_w said: ↑
Not sure it would work with building though.Click to expand...
More info on the 6 month overlap:

http://www.ato.gov.au/individuals/content.aspx?doc=/content/36888.htm

When building, I believe (if I've read it correctly), there is a 4 year exemption for purchasing land to renovate and existing dwelling or build a new one, provided that you move into the dwelling as soon as practicable after completion and remain there for at least 3 months as your main residence.

More info:

http://www.ato.gov.au/individuals/content.aspx?doc=/content/36890.htm

http://www.ato.gov.au/individuals/content.aspx?menuid=0&doc=/content/36890.htm&page=4&H4

http://www.ato.gov.au/individuals/content.aspx?doc=/content/36882.htm  

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Thanks Sim

that is s118-150
http://www.austlii.edu.au/au/legis/cth/consol_act/itaa1997240/s118.150.html

I don't think it applies during the overlap period unless s118-140 applies. I mean there is still a limit on claiming both as the main residence at the same time.  
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