Hi Guys, just throwing this out there to see what ideas I haven't thought about. So I have three properties, however one was my PPOR and is the best performer. I have been paying down the loan on the PPOR and have equity in the property but we haven't lived in it for 7 years now. My work situation has changed, and family has changed so it is looking less likely that i will move back into the PPOR. One of my work allowances is assistance with selling and purchasing a PPOR. The question is how can I sell the PPOR (in Qld) to release the equity, have a sale to trigger the work allowance but hold on to the property as I believe it will grow? The property is currently in my name, but my partner is a stay at home mum and close to finishing a Uni degree, hopefully returning to work soon. Any ideas?
Check with your employer whether selling to a relative will trigger the clause before doing so. And since you don’t live there now, check that selling an IP will qualify. These benefits are usually designed to assist an employer to dispose of their previous PPOR rather than simply transfer ownership or sell an IP. Another negative factor is that you say you are not actually living in the property you intend to sell, so can hardly be described as your present PPOR. In fact, you are selling an IP even though it was your PPOR seven years ago. Marg
Hi Marg, I'm hoping to argue extenuating circumstances for sale, a risk there, but can only try. And fully understand it is an IP. Now in a CGT situation if things change and we return. Not a situation I wanted to be in.
