I am looking at buying my next property as Owner Occupier (OO) then after settlement will leave in it for 6months n after that rent it out. I already have a PPOR and 3 IP.
With this new purchase I will have 2 PPOR. One for a short term at least.
Wondering how long do I have to leave in it before I can rent it out n start claiming the deductions. Is it 6 or 12 months?
As far as the property is concerned it’s a 3 bed beachside apartment with a completion date feb 2020.
What are the tax implications should I decide to sell it in 20yrs time considering i bought it as PPOR when I already have a PPOR.
Would like to hear some ideas or people experience with similar scenario.
Cheers
There is no time frame that you have to live in it. From a tax point of view there is no minimum time frame to class it as the main residence either.
Tax implications are complex, it will be taxable so seek advice.
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
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