Hoping someone can clarify tax implications for current IP/former PPOR
Hello friends - with the recent budget changes I'm hoping someone can clarify a situation I have as I'm just trying to understand what the tax burden might be, asking for a friend of course:
* I own (with a mortgage) an IP which is my former PPOR. It was purchased as a PPOR in 2016, and made into an IP in 2022. Purchase price was roughly $660k, it would be worth roughly $900k now.
If I were to sell this before 2028, would I pay no tax on the capital gain from purchase price to sale price due to the 6 year rule?
If I were to hold on to it and keep renting it out, can I still claim negative gearing on it?
If I were to sell it in say 2032 for $1.1 million, how do I work out the capital gain that I need/don't need to pay tax on? Do I choose either the inflation method or 50% method? Someone please explain because I get more lost the more I read haha