Hi I have a question on PPR sale and CGT impact. Could some one can clarify me whether my below calculation is correct
Question-
Client Bought Residential home in Perth 1/07/2019 and lived there since 30/06/2021 , Moved to Brisbane on 01/07/2021 to a rental property in Brisbane and provide the residential home in Perth for Rent .
On 01/07/2023 bought Residential Home in Brisbane and start living there . On 30th Dec 2023 he sold the Residential home in Perth . Which period he is liable for CGT ?
Could you pls confirm or advise if my below assumption is wrong,
My understanding is Client is liable for CGT only from 01/07/2023 to 30th Dec 2023 , (he was renting in brisbane till the above date and eligible under 6-year rule till 30/06/2023)
For this CGT calculation client should taken professional valuation of his Residential Home once he start rent the property
We can took the professional valuation taken on 01/07/2021 as base cost ?
Also client is eligible for 50% reduction of CGT as he hold the property more than 12 Months ?
Thanks
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