I have tried to research my situation but would appreciate if someone could confirm whether my logic is correct or I have gone off track?
My mother is now an elderly widow and I moved interstate to look after her. I am now living in the same house. The other siblings have rejected my offers to purchase their share of the house. I am 59 years old. When my mother passes I will be forced to relocate again with the family home being renovated and put up for sale. I would therefore like to purchase a property nearby that when required I can move into as my PPOR.
I no longer work so need to generate income and believe the nearby property can be acquired as an investment property and then will be exempt from CGT for the period it becomes my PPOR. If the property is not initially my PPOR I understand I would lose a 6 year CGT exemption? Should I therefore make the property my PPOR and then as quickly as possible convert it to an investment property? I understand there is no minimum time period to establish a PPOR although there must be some ATO guideline/precedent on this?
Adjunctly I understand that if one has a SMSF, a property can be purchased with a CGT of 15% and once the age of 60 is reached there are avenues to obtain an income stream from the asset and still be able to work if the opportunity arises.
Any help clarifying the above would be greatly appreciated.
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