Converting investment property to PPOR- restrospectively

Hi,

We have an investment property in Queensland which we have been paying the water bills, electricity and council rates for the tenants since early 2000. To this day we still have tenants living there. We also sold our PPOR in NSW last year and have been renting a house to live in since January this year (so essentially rentvesting). We were wondering if it would be possible to convert our investment property in Queensland into our PPOR starting from January this year (so retrospectively)?

Is this legal? Is it even possible to get a valuer to value the property from January this year now that almost 10 months have passed so that we can say we have "realised" the capital gain over the past 10 months while it was our PPOR?

Any advice would be appreciated.

 

In what sense?

for cgt a main residence can only be established once you move in

 

So you have never lived there?

 

Noted, thanks

 

Yes that is correct. Looks like we will have to wait until the tenants are gone and move in before we can list it as our PPOR as per terry's response.

 

You dont "list" anything. Its a issue of fact that must be determined. Proof ? New accounts for utilities in your name, removalist costs, new foxtel connection, change drivers license.....and so on. No single element is evidence other than fact.

eg Tenants vacate on 3rd january. You move in after repairs on 20th Feb. The start of the main residence is Feb 20th when you and you possessions are in the driveway. You cant "intend" to have a main residence OR principal place of residence (excepting some state concessions for property being readied for occupancy eg construction.... for land tax alone).