All Topics / Help Needed! / what to do when move into the investment property?

Viewing 8 posts - 1 through 8 (of 8 total)
  • Profile photo of JohnJohn
    Participant
    @jcar11457
    Join Date: 2010
    Post Count: 23
    January 4, 2012 - 10:09 pm

    Hello,

    I lived in Canberra, I have purchased an investment property in later 2010 and it has been rented for the whole 2011.
    Since the tenants are moving out and we are under the pressure of carrying on two mortgages, I plan to move into the investment property as our main residence and sell my current house.

    anything I need to do for besides notify ACT Revenue Office that the investment is no longer being rented to avoid additional land tax charged?

    Thanks a lot!

    Profile photo of Jamie MooreJamie Moore
    Participant
    @jamie-m
    Join Date: 2010
    Post Count: 5,069
    January 4, 2012 - 10:31 pm

    Nope, that’s pretty much it.

    A valuation or market appraisal could be handy because you’ll need to be able to work out how much CGT is payable for the couple of years it was an IP. However, given it was purchased it late 2010 it’s probably not necessary.

    Cheers

    Jamie

    Jamie Moore | Pass Go Home Loans Pty Ltd
    http://www.passgo.com.au
    Email Me | Phone Me

    Mortgage Broker assisting clients Australia wide Email: [email protected]

    Profile photo of JohnJohn
    Participant
    @jcar11457
    Join Date: 2010
    Post Count: 23
    January 4, 2012 - 11:13 pm

    thanks, much appriciated!
    am I able to claim any loss when selling my currnt house?

    Profile photo of Scott No MatesScott No Mates
    Participant
    @scott-no-mates
    Join Date: 2005
    Post Count: 3,856
    January 5, 2012 - 7:02 am

    Only if it was previously your ip

    Profile photo of JohnJohn
    Participant
    @jcar11457
    Join Date: 2010
    Post Count: 23
    January 5, 2012 - 9:52 pm

    cheers al!

    Profile photo of EPI_DenEPI_Den
    Member
    @epi_den
    Join Date: 2010
    Post Count: 71
    January 5, 2012 - 10:19 pm

    I’d be checking some tax-related stuff with your accountant.
    By purchasing an investment property (in late 2010) you were eligible to claim certain tax deductions that you wouldn’t have been able to claim if the property was your PPOR. Check with your accountant to ensure you’re not liable to pay any of this back!

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,213
    January 5, 2012 - 10:40 pm

    Did you claim the stamp duty (if ACT prperty?)

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    http://www.Structuring.com.au
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au

    Profile photo of DHCPDHCP
    Member
    @dhcp
    Join Date: 2010
    Post Count: 190
    January 6, 2012 - 7:57 am
    jcar11457 wrote:

    Since the tenants are moving out and we are under the pressure of carrying on two mortgages,

    Was there a possibility for the IP to be rented out back in the market?

Viewing 8 posts - 1 through 8 (of 8 total)

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