Hi,
Can someone tell me if i rent out my ppor can i claim the interest againts the rent, or do you pay tax on the whole of the rent less expenses. I presumed if you make $100 per week after interest and expenses you would only pay tax on $100.
Am i right?
thanks
roboSounds right.
Your rent is the income.
You can deduct noncapital expenses such as interest on funds borrow to buy that property, repairs etc.
Just like an IP – well as soon as you rent it is is an IP with a 6 year CGT exemption under specific circumstances.
Cheers,
Simon Macks
Residential and Commercial Finance Broker
***NODOC @ 7.15% to 70% LVR***
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Thanks Simon, that’s what i thought.
RoboYou may want toget a valuation on the PPoR as well..helps when it comes to apportioning CGT if you ever sell
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