Hi,
We own our home (with a home loan) and are moving to Queensland into a property we have purchased off the plan. We wish to keep our home in Sydney and rent it out – can anyone tell us if we will be liable for NSW property taxes and if we can claim negative gearing and depreciation even though we are likely to keep the home while we settle into Queensland. Many thanks
Paul
I think the only extra tax you may have to pay is Land Tax – and this would depend on the value of the land component of your property.
If your rent is less than your costs, then you could negatively gear the property – ie claim the loss against other income. And you should also be able to claim depreciation.
It would be a good idea to get a depreciation schedule done and a valuation done as well, for CGT reasons. Maybe also run the scenario by your acountant for some other tips.
Terryw
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Parramatta
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