PPOR on two titles CGT implications

Discussion in 'Accounting & Tax' started by JASA, 15th Mar, 2019.

Join Australia's most dynamic and respected property investment community
  1. JASA

    JASA Well-Known Member

    Joined:
    25th Jun, 2015
    Posts:
    82
    Location:
    Australia
    Hi, Hoping someone will know the answer to this.

    I own two strata titled, adjoining apartments. I have used them both as investment properties for the past 15 years. I am considering renovating both and opening them up to form one apartment which will give me a spacious inner city residence as my PPOR. I understand that I can't avoid the CGT owing from the period they were used as investment properties, but can I claim the two as my PPOR and therefore avoid any CGT into the future while they are treated as one PPOR?

    Thanks in advance
     
  2. Terry_w

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

    Joined:
    18th Jun, 2015
    Posts:
    41,666
    Location:
    Australia wide
    Yes the exemption could apply, depending on the circumstances. I recall a recent private ruling for something similar where the answer was yes.
     
    JASA likes this.
  3. JASA

    JASA Well-Known Member

    Joined:
    25th Jun, 2015
    Posts:
    82
    Location:
    Australia
    Thank you Terry
     
    Terry_w likes this.

Buy Property Interstate WITHOUT Dropping $15k On Buyers Agents Each Time! Helping People Achieve PASSIVE INCOME Using Our Unique Data-Driven System, So You Can Confidently Buy Top 5% Growth & Cashflow Property, Anywhere In Australia