Brissie Accountant – Buy New PPOR or IP?

Anyone Recommend a good accountant in Brisbane? New IP or New PPOR?

I am completely confused as to whether to purchase a new home to live in and turn our PPOR into an IP or just stay put and buy another IP.

It's good to have positive cash flow properties but if we turn our current PPOR into an IP it will be really, positively geared and then we will have a massive non tax deductible Mortgage on our own home? Not to mention the extra tax paid on the positive gearing. The Property is worth approx $500k and the mortgage is $90K the rest would be approx $430 per week.

The potential new property would be about the same cost – $500k we could support the payments with the extra cash flow from the IP but then there in the tax side of the equation.

We do need a larger house but it's not an urgent requirement. If we wanted to take out a new mortgage from our current PPOR and take the capital to the new home would we need to effectively 'sell the property to ourselves' and if so would we then need to pay stamp duty on both properties ?

We are not huge income earners (combined gross income of just over $100K) so the tax breaks won't be massive and if I was to take time off to have a family we would be down to one income for a time.

So I need the advice of a good accountant, our current accountants are wonderful but they don't see the long term goals we have (and are a bit negative about purchasing property at the moment) – we need someone who is more property focused that can structure it correctly for us from the start. Any suggestions from  would be great too regarding how to structure the loan.

Naturally I don't mind paying the extra stamp duty now if it means we would be ahead financially in the long run.

I am just very confused – Any suggestions would be great – I really wanted to get some advice from the accountant this week. Maybe if someone could explain some scenarios I will have more on an idea the best questions to ask?

Thanks