We're in a a situation where we have the opportunity to live in my parents house while they're stationed overseas, and rent out our place.
We've been in over 6 months now, so there should be no issues with the FHOG.
Is it best to speak to the banks or the accoutnants about advise on renting out our place? the rent wouldn't cover the mortgage and we'd have to make up the difference of a couple of hundred dollars, but I'm sure we can claim that at tax time.
yes speak to your accountant. You can claim the interest only from your mortgage payments, depreciation (need a QS Report) and expenses such as landlord insurance, bank fee's, maintenance, agent fee's
If you property has risen in value it would be prudent to get as valuation to get a cost base recorded when you change the use of your property as this is a CGT event. You will find out about it when in the future you decide to sell and find you have a Capital gains tax liability.
Thanks. I'll speak to my accountant and get some further advice
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