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- kum yin lau wrote:Hi, 6 months pass very quickly. You might not have to give up the grant. If I were you, I'd check these issues:
1) The date of ownership can backdate to the day building begins. You can consider that it's PPOR from that date esp if you can't claim tax deductions on expenses.
2) 6 months pass very quickly!
3) You won't need to pay CGT when you move back in after some years of rental.
4) Depreciation offsets will be very useful. [Can be a few thousand a year. I know someone who got $12K one year – it's an expensive apartment]
5) The SIX YEAR RULE may apply in your case. Check it out.Good luck,
Kum YinHi Kum Yin Lau,
I am interested in number 1. Are you saying that I can claim it as my PPOR as soon as construction begins? So if it takes 5 months to build I will only need to move in for a month and then move out again and then turn it into an IP?
We have it set up as P&I as we initially thought it would be our PPOR and our broker told us this was the best way to go.
If we had it straight away as an IP and moved in within the 6 year rule would we still need to pay CGT if we sold it?
Louie
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