You may not have to pay CGT as you could elect to have the Australia Property as your Principal Place of Residence. This depends on your circumstances whilst overseas.

If possible meet the prospective tenants where they live, cruise through their premises noting the pictures of the 28 children, two dogs and condition of the bathroom (ask to use the toliet), this will give you a very good indication of the type of tenants. On the way out stop next to their people mover that has the dog trailer attached.

Perhaps you should be looking at the reason for investing in property? If you are chasing the interest deduction to get “tax benefits” then this means you are making a loss. Making a loss is OK when the capital gain exceeds the accumulated losses but from what I’ve seen over the years that everyone is happy to get the tax refunds each year but…[Read more]