Im not sure if I’m allowed to ask this

I’m not sure if I’m allowed to ask this - moderators - feel free to remove if inappropriate


If you have several properties obviously you can only have one as a PPOR and the rest are listed as investment properties


Now


There is a difference between the PPOR rates and investment rates


Which is getting closer together but still a difference


So


Which one property you declare to the ATO as your PPOR will dictate which one you can claim CGT free when you sell


But


Does it matter which one you tell the bank is your PPOR ?


For example if you have the situation where the debt on your actual PPOR is a lot less that a investment property debt


There is a financial advantage for you to say the larger debt is your PPOR


Will the ATO find out if you do this

Hypothetically - of course

 

2 separate issues
Your lender will have contracted with you to inform them if your property that you borrowed for is owner occupied or not

for CGT You can have more than one main residences - under some circumstances

 

Thanks for the quick reply

What about in the situation where the loans have been active for a number of years - your LVR has reduced and you tell the bank that you are moving into one of your investment properties thus making it your new PPOR but your adult children are staying in the old house rent free

Is there a onus on the bank to inform the ATO of this change Or a automatic way for the ATO to find out from the bank that this has changed

 

The bank is not connection to the ATO. what you tell the bank has no affect on CGT.

 

Thank you - I think that answers my question