All Topics / Legal & Accounting / Available for rent v Start rental date

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  • Profile photo of woodsmanwoodsman
    Member
    @woodsman
    Join Date: 2004
    Post Count: 714
    June 7, 2004 - 3:54 am

    I have rented out my previous PPOR as an IP from 27/1/04.

    I physically moved out on the 10/1/2004
    I gave the keys to the managing agent on 16/1/2004 after undertaking some minor work.
    The premises was rented out on the 27/1/2004 (tenancy agreement signed)

    When calculating the number of days as an IP (for the purposes of apportioning costs), do I start from
    a. 10/1
    b. 16/1
    c. 27/1

    Thanks…James

    Profile photo of DerekDerek
    Member
    @derek
    Join Date: 2004
    Post Count: 3,544
    June 7, 2004 - 4:14 am

    Hi James,

    I would argue the property was fully available for rent from the 16/1 and a such costs and incomes shold be apportioned from this date.

    I am assuming the period 10/1 – 15/1 wasn’t available for rent due to the work being done.

    However in terms of CGT liabilities the ‘date’ becomes a little messier. Recommend a look at the ATOs website to determined CGT issues – there is a short window of time when you are entitled to have two PPOR but I am not sure if it applies here.

    Derek
    [email protected]

    Property Investment Support Available. Ongoing and never stopping. PM welcome.

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