What is a PPOR (Principal Place of Residence)?
Your primary residence is also known as your principal place of residence, or simply, the place you call home. If you have a home, condo, townhome or apartment that is your main-stay place of living (and you can prove it), this would be generally considered your principal place of residence.
According to the Australian Taxation Office (ATO), a principal place of residence should legally meet the following requirements:
- You and your family live there
- Your personal belongings are at the residence
- Your mail is delivered to the address of the residence
- The address is registered in the electoral roll
- Utilities such as gas and power are connected at the residence
In Australia, most home-owners live in the house that they own; they also own just the sole property. For those that have additional properties they manage as investments, tax matters can become more complicated.
Statistics from the ATO reveal there are more than 2 million property investors in Australia (meaning that an estimated 20% of homeowners also have an investment property).
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