Hi All,
I intend to rent out my current PPOR once I have given it a small renovation (the roof needs re-pointing and it needs a slap of paint). However, do I need to move out first in order for me to claim it back on tax? Or am I fine to spend the dollars now and still be able to claim?
I'm also after a decent financier here in Brisbane. I've spoken to a few but none I feel have the experience in investing in property, any recommendations?
Cheers,
Mike.
Hi Mike
You are able to claim the deductions on the interest and other expenses once the property is available for rent.
Think you would have a tough time when you are still living in the property to argue it was available to be rented.
With regards to a financier in Brissie i have 1 or 2 IP's so be happy to answer a few questions or offer up some advice so feel free to give me a yell or drop me a line.
Richard Taylor | Australia's leading private lender
+1 with Richard, I painted my place as it was going to rental but was living in it at the time and accountant tells me it has to be available for rent at the time you incurred the expense in order to be a tax deduction. Jipped!
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