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hello
we are tossing around a few ideas at the moment as we have currently one more property than we want! bought a new PPoR with intention to sell current PPoR, however, the market is rather slow and we not been able to sell old PPoR. Settlement for the new one is next week which means we'll have 2 PPoR. what's the requirement for nominating which will be the PPoR?
We are thinking of renting out the new one for six months then relisting the old PPoR and once sold, moving into the new PPoR to avoid CGT and get some tax relief.
As we purchased the new one with the intention of making it our PPoR we nominated on stamp duty nomination that it would be PPoR, likewise the mortgage documents. Does anyone know what we need to do if we can't sell this place in next 2 weeks or so if we then decide to rent out new place?
any advice much appreciated.
cheers
harrycat
hello terry
we are self employed with a family trust (via a company structure) which disperses income to us and family members which gives the asset protection required, also enables us to split income as necessary. if I understnad the way things work, we will borrow the full amount in our name to buy the units in the trust, the interst will be fully tax deductible against the income from the unit trust as well as other income from the family trust. I should be wiser about this next week.
cheers
harrycatthank you very much for your comments.
the house was purchased post 1985 so sadly no CGT exemptions…we have been advised that a unit trust would be out best option as opposed to a discretionery trust. off to see the accountant next week.
thanks again for your comments.
cheers
harrycat
