Hi all,
an earlier post mentioned purchasing as first home buyer in NSW, use fhog and stamps exemption to assist, then have the property ‘become’ an IP, nofify the ATO, the you have capacity to make appropiate tax deductions.
Are there any issues with this? I would have thought the ATO might like to recoup its missing stamps?
Any thing else?
cheers
brahms
If you don’t ask, the answer is no!!
Hi Brahms,
As long as you ARE a first home buyer you shouldn’t have a problem… and do note you have to occupy the premises within 12 months.
The stamp duty exemption is to assist first home buyers getting into the market, but these days it is quite common for my first home buying clients to have the first home as an IP and stay at home or share accomodate.
Strange – but that is the battle the X Gens are facing…
They did do an audit on people taking advantage of the first home owners grant, they were asked to prove that they resided in the premises by showing a bill in their name sent to that postal address. I heard a rumour they are asking to see that your rates notice is sent there… bit of a grey area… be careful.
Liz Wilson
Mortgage Lender
I thought the rules had changed so that you had to live in the house for a continuous period of 6 months, beginning within the first 12 months?
Cheers
Mel
You must be logged in to reply to this topic. If you don't have an account, you can register here.
