Hey everyone,
I've just bought my first place (2bedroom unit in Annerely QLD) and will be moving in shortly with my girlfirend. As its my first home I understand I must live in it for 6months to get the FHOG.
After 6 months am I able to rent it to my girlfirend and then be able to negative gear it while I still live in it? Or can I not be in the property at all?
Also I was planning to do renos after 6months, would be looking at spending about $15K, would I be able to claim tax deductions for this?
Reason I ask as I have been told that you have to wait 12months after purchase to be able to turn it into a IP, others ahve told me 6months.
Thanks in advance to anyone that can shed light on this.
my understanding
1. you are required to live in it as PPOR for AT LEAST 6 months within the first 12 months. google FHOG for clarification)2. If you rent out whilst living in it at the same time you can only proportionally claim deductions (ie if she uses 50% of the house then can claim 50 % of costs) – although it would be woth asking if the rent as a proportion of the costs could also determine % claimable (ie is the rent she pays is equal to 60% of the costs then can you claim 60% costs) maybe another forumite can clarify
Mick
Fed
You are required to occupy the property for 6 continous months in the first 12 months after settlement to satisfy the Qld FHOG requirements but 12 months to obtain the first owner occupied discount in the Stamp Duty.
If you occupy the property you are unable to make a 100% claim on the property.
Richard Taylor | Australia's leading private lender
Hey Richard,
The property I am buying is $285K so from my understanding as it is under $320K I don't pay any stamp duty as it is.
So after I have lived in it for a 6month duration, and within the first yr( I plan to move in after the settlement day) I am effectively able to turn it into an IP just after my 6months of living in it? Thou not being able to claim 100% the renos I do to the property ? Did I summaries this correctly?
Also am I able to negative gear?
Thanks for your replys so far
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