I purchased a property in QLD in late 2019 and had intended for it to be our PPR. As we were preparing to move interstate covid hit and border closures occurred. As I have shared custody of the children I did not wish to jeopardize them seeing the other parent, plus contravene a parenting agreement. As a consequence I made the decision to stay renting in Sydney (at great expense) and rent out the QLD property until covid restrictions were eased and the children's schooling was complete. My youngest is now in their final year of school. I plan to move to the QLD property at the end of this year. I may decide to sell the house and downsize as I no longer need a 'family home' near a good school. Even though I have always considered the QLD house my ppr, but have not actually been able to live in it, due to the above circumstances, am I liable for CGT? I would greatly appreciate any advice you could provide. With Thanks
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This link explains when you delay moving into your new main residence and CGT. (unforseen circumstances)
Unforseen circumstances is acceptable to ATO. Whether your circumstances are such is up to you to determine. No doubt border closures is unforseen but they have been open for quite awhile now.
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This link explains when you delay moving into your new main residence and CGT. (unforseen circumstances)
Unforseen circumstances is acceptable to ATO. Whether your circumstances are such is up to you to determine. No doubt border closures is unforseen but they have been open for quite awhile now.
Thanks Taxduck. This is most helpful! We would have moved as soon as the borders opened back up, if it wasn’t for the kids senior years at school and lease agreements.
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