Hi there,
My partner and I recently purchased our first home in QLD which we are living in, we used first homeowners grant. Looking at purchasing a 2nd property and moving in to that one.
We'll be renting out the home we currently live in . Can we claim tax benefits, depreciation,cost,ect. (Can we treat it as a normal investment property, even though we have lived in it for 6 months and used a first homeowners grant)
Thanks
yes, normal rental principles apply.
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
Mita
Certainly you can as far as the QLD adminstered FHOG is concerned however i would be careful about the stamp duty concession.
Depending on the purchase price in Qld you may have paid NO stamp duty on the original purchase and dont want to find that that you end up having to pay the equivalent Investment rate duty as you moved out too early.
Also wise to look at restructuring your loans to ensure they are tax effective as well as interest saving. Fear not your Bank will not have a clue.
Richard Taylor | Australia's leading private lender
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