If I sell my PPR before living there for 1 year, will I incur any tax?

Discussion in 'Accounting & Tax' started by wirtandi, 1st Mar, 2021.

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  1. wirtandi

    wirtandi Member

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    Simple question but there seems to be conflicting information out there. If someone sells their PPR (Primary Place of Residence) before 1 year, will they incur any tax or anything important at all? This is for Victoria.

    Thank you in advance.
     
    wirtandi, 1st Mar, 2021
    #1
  2. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

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    it will depend on the circumstances. There is no requirement to hold more than 12 months for the exemption though.
     
    Terry_w, 1st Mar, 2021
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  3. Curious2019

    Curious2019 Well-Known Member

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    Generally no income tax if it was your main residence and you didn’t have another main residence at the same time. If you buy another PPOR you will have to pay stamp duty again though (or for the first time if you were a first home buyer the first time around).
     
    Curious2019, 1st Mar, 2021
    #3
  4. Paul@PAS

    Paul@PAS Tax, Accounting + SMSF + All things Property Tax Business Plus Member

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    1. Was it your main residence and 2.Did your partner own other property at the same time
     
    Paul@PAS, 1st Mar, 2021
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