Hi, I'm a newbie here. Hope someone can help me with this
I bought a house to live in 3 years ago in QLD and now need to move for work for a year or 2. I rented it out to one my relative, knowing that they will take care of the place while I'm gone and they got cheaper rent
. The rent covers the interest rates and I will cover the land tax. I know about the 6 years PPOR rule recently and think it will help me to reduce the tax. Would anyone know if I need to fill out any form or just talk to my accountant at the end of the year ? Thanks in advance Zance
Hi Zance19
Welcome to the forum.
You should be able to just discuss the arrangement with your accountant when lodging your end of year return. They will be able to work out what your deductable expenses were for the period in which it became an IP.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
Yes you will need to claim this money at the end of year tax return. As you are receiving income from the property you need to include that in your tax return. Your accountant will know the income you have to report and also ask you accountant about the deductions you can claim so hopefully you don't have to pay a lot of extra tax.
Ryan McLean | On Property
http://onproperty.com.au
Email MeThanks for helping guys. Cheers.
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