Principal place of residence (PPR) concession: a duty concession for when a property you buy, valued up to $550,000, is intended as your primary home. First-home buyer duty reduction: a one-off duty reduction for a PPR valued up to $600,000.
What is a principal place of residence?
A property is defined as a principal place of residence (PPOR) when a person resides, occupies and lives in it as their home.
Is sale of residential property subject to GST?
There is no GST to pay or be paid on the sale and purchase of residential premises unless the property is being sold as a new property. It doesn’t matter if the property is owner-occupied or an investment property. The rule applies for properties defined as residential and not new.
How many principal place of residence are there?
one principal place
Land owned by companies and trustees not exempt. Only one principal place of residence for all members of the one family. Two or more lots used as the site of the principal place of residence. Two or more strata lots used as the site of the principal place of residence.
Can a property be a principal place of residence in Australia?
The exemption is generally only available for one residence in a land tax year, so if you own more than one Australian property, only one can be your principal place of residence. An exemption for Victorian land is available if the property is used and occupied as the owner’s principal place of residence.
What are the requirements for a principal place of residence?
Contiguous land must adjoin the principal place of residence land or be separated by only a road, railway or something similar that you can reasonably move around or across. While the contiguous land must not contain a separate residence, it must also: Enhance the principal place of residence land.
What happens when you sell your principal residence?
When you sell your principal residence, you have to report the sale on Schedule 3, Capital Gains (or Losses) with your Income Tax and Benefit Return. If the property was your principal residence for every year you owned it, you’ll designate it as the principal residence on that same form.
Can you rent your home as a principal residence?
If you rent your home to a friend while you travel to Europe for a year, you wouldn’t receive the exemption that year for that residence. But you could receive the exemption if you purchased a property in Europe and designated it as your principal residence.
