I have 2 questions.
I’ve made an offer on 2 units under one title. Both are currently rented out. I plan on moving into the front one within 12 months. Can l qualify for the concessional rate for stamp duty?
During the time while both are rented out if l do any renovation. E.g fence, paint and face-lift, will l be able to claim this as a tax deduction even though my intention is to live in the front one within 12 months?
Any advice will be appreciated.
Rebecca
This must be a victorian purchase?? Off the top of my head you would get the owner occupied rate if you intend to live in the property and actually live in it.
Fences are not deductible. This would be capital works, same with the paint. You could merely depreciate them at 2.5% pa over 40 years.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
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