My wife & I have a family home which we have lived in for the past 4 years. We have recently purchased an investment property and we intend to move into this new property and rent out the existing family home as we would get a higher rental return. What are the advantages/disadvantages and the tax implications of doing this. Please advise. Thank you.
Hey Junior. Welcome to the Forum.
Mate what a question. How many angles are there ? In all honestly so much depends on your own position that you really should seek some professional help (accountant).
I want to write more but realise just how many ways this could be looked at and will hold back. Professional advice is all I can say before you decide to do anything. It may cost you a few hundred but it will more than likely make you that plus some by doing it right.
Sorry I couldn’t be more help.Enjoy
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