My wife and I bought a brand new 3 bedroom villa in NSW last year using the First Home Owners Grant. This year we have decided to move to London for 1-2 years for work reasons and we intend to rent our villa. What do we need to know to ensure we get the most from the property as an investment. We will have lived in the villa as our principle residence for 13 months when we leave. Are we able to depreciate the assets? If so, should we organise a depreciation schedule?
Hello simpsd
Yes definately get a depreciation schedule done. With a new place the deductions will be considerable.
While your renting it out all expenses will be tax deductible including interest on loan, insurances, rates, water, management fees etc.
Make sure you take out landlords insurance also.
If you come back to your home before 6 years are up, it will stay CGT free.
Have fun in London
Elka
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