Hi,
Im looking at buying a property as a PPOR for which I will be eligible for the first home owners grant. However, the property is split level with the top level already rented out which I will want to keep that way. Will I still be able to get the FHOG and be entitled to the tax benefits associated with the income producing top level?
Any help would be great.
Thanks,
BenGet some proper advice. You may lose the CGT exemption if you rent out part of your place. You probably could still get the grant though.
Terryw
Discover Home Loans
Parramatta
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To better assist, can you please advise which state you are in?
every FHBG differs from every state.
and also listen to Terry
Regards
Joshua McEwen
Finance Broker – WAhttp://www.prestigeloans.com.au
Brokers Lic 1297
Licensee Brett ChristieOriginally posted by Josh-Prestigeloans:To better assist, can you please advise which state you are in?
every FHBG differs from every state.
and also listen to Terry
Regards
Joshua McEwen
Finance Broker – WAhttp://www.prestigeloans.com.au
Brokers Lic 1297
Licensee Brett ChristieWhat do you think are the most significant differences between states Josh? Esp the differences that might affect this example.
I see it all based upon the same legislation.
Simon Macks
Residential and Commercial Finance Broker
***NODOC @ 7.15% to 70% LVR***
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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.
Not directly related to this question but has to do with the FHOG. Are there any occasions where you can receive 2 x grants for one property (in NSW that would amount to $14000) if the property was listed under 2 owners ? I didnt think so but a friend of mine was adamant that this was possible.
Anyone?
[offtopic]
yeah the FHBG doesnt really effect the example. Just asking.
Regards
Joshua McEwen
Finance Broker – WAhttp://www.prestigeloans.com.au
Brokers Lic 1297
Licensee Brett ChristieOriginally posted by ogilvy:Not directly related to this question but has to do with the FHOG. Are there any occasions where you can receive 2 x grants for one property (in NSW that would amount to $14000) if the property was listed under 2 owners ? I didnt think so but a friend of mine was adamant that this was possible.
Anyone?
[offtopic]
I beleive it is only available jointly, ie shares by the two owners.
Terryw
Discover Home Loans
Parramatta
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Just send me a blank email, with “subscribe†in subject line.Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
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Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Terry is right – no way to double dip on the same property.
If the property is in two titles and you buy one each and you are not defacto or married then it is treated as two seperate transactions – ie you buy each side of a duplex say.
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 guys, will get some proper advice before I go any further.
For the record, Im in NSW.Cheers,
Ben
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