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  • Profile photo of Beginners R USBeginners R US
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    @beginners-r-us
    Join Date: 2008
    Post Count: 4
    February 3, 2008 - 6:12 am

    Hello

    I believe the costs would only be deductible if you were planning on renting the property. I think that similar questions have previously been posted.

    Profile photo of Beginners R USBeginners R US
    Participant
    @beginners-r-us
    Join Date: 2008
    Post Count: 4
    February 3, 2008 - 6:10 am

    Hi Eric

    Accountants charge by the hour. Inner city firms can charge up to $400 an hour if you want to speak to a Partner (sometime more) or from $250 to $350 to speak to a manager. If your query is not overly complicated I would suggest talking to a manager. There are also suburban accountants that are in a cheaper range (as they don't have all the overheads). You just have to be careful to make sure they have enough staff and experience to help you out.

    Profile photo of Beginners R USBeginners R US
    Participant
    @beginners-r-us
    Join Date: 2008
    Post Count: 4
    February 3, 2008 - 6:05 am

    Hello

    I am not 100% but I think you can choose it as your main residence and it will be CGT even if you don't move back into the property.

    Profile photo of Beginners R USBeginners R US
    Participant
    @beginners-r-us
    Join Date: 2008
    Post Count: 4
    February 3, 2008 - 6:02 am

    Hi GoldilocksHave heard of this situation. In regards to having two properties as your principal residence I would ask your accountant to look at this. It is a common misconception that if you own the house you live in and build another both will be free from CGT. This is not right and advice should be sought regarding which property to choose as your Main Residence. Not completely on track but I just wanted you to be aware of this.

Viewing 4 posts - 1 through 4 (of 4 total)