Join Australia's most dynamic and respected property investment community

PPOR and Renting?

Discussion in 'Property Finance' started by RyanB, 16th Aug, 2015.

  1. RyanB

    RyanB Active Member

    Joined:
    1st Jul, 2015
    Posts:
    33
    Location:
    Sydney
    Hi guys, a quick one for the bean counters,

    Is it legal to buy property renovate and sell it in 13 months and pay no CGT as its PPOR but technically just rent elsewhere whilst carrying out the works?

    Or would you have to rent off the books?


    Thanks in advance!
     
  2. Terry_w

    Terry_w Solicitor, Finance Broker, CTA Business Member

    Joined:
    18th Jun, 2015
    Posts:
    9,045
    Location:
    Sydney
    If you are not living in the property it cannot be the main residence. But there is an exemption for something like this but you have to move into the property and live in it for at least 3 months (from memory).

    But if you are doing this to make money it would be taxable.
     
  3. Travelbug

    Travelbug Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    313
    Location:
    Sydney
    Where will your mail go to? Your bills, licence etc? If anyone checks you will be found out if not really living there. It is supposed to be your PPOR (as in Principal Place of Residence).