I bought a property with the intention to move in as soon as my current home would sell. Well, the process took a lot longer than I thought, and I ended up having to get a tenant into my future home.
Now 5 months later, I have changed my mind and want to live in another suburb altogether. I have bought a (third) house now and settlement for the sale of my current home and the buying this new one is on the same day in the near future.
What do I need to do now? The house that I orginially thought we would move into is now an investment property. What fees do I need to pay and what authorities do I need to notify? All properties are in Brisbane.
You don't need to do anything really. Just rent out the place and declare it in your tax return when the time comes.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
OK, what about the stamp duty? I think as Owner Occupier you get some stamp duty discount in Queensland. Do I owe the state Government some extra duty now?
Hi AndersB
I beleive there are stamp duty concessions for owner occupiers in Queensland but I am unsure if this only applies to the first ever owner occupied place purchased or any place purchased for PPOR. Check out the office of state revenue website http://www.osr.qld.gov.au . I am sure that there would be something there to advise you.
You could also talk to your solicitor who set up the contract for you. They should be able to tell you in about 15 seconds if the stampduty you paid at purchase was discounted for PPOR or not and what if any your additional liability to Office of State Revenue is.
Appart from that I think Terry is right, just rent it and declare all income and expenses on your tax return.
Don
Hey all
Can you explain to me what PPOR is and how that effects CGT
Hi,
I would be interested to know the outcome of this. There is definately a discount for Owner occupier on Stamp duty in QLD. I am thinking of doing the opposite – bought a property for investment, and now considering that I will make it PPOR. I spoke with State revenue and they said I may be elegible for a Stamp duty refund if this is the case. I just need to prove the property was tenanted at time of settlement, which is shown on the property contract. This means I would could get up to $5k back.
AndersB wrote:OK, what about the stamp duty? I think as Owner Occupier you get some stamp duty discount in Queensland. Do I owe the state Government some extra duty now?
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