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If that is your situation forget the valuation (depreciation schedule IS a good idea) as you can keep this property as your PPOR for 6 years whilst renting and selling anytime within this 6 years gives you NO CGT liability. You can even move back in and restart the 6 year clock by doing the...

I generally assume the the land is worth 1/3 and the house 2/3 of the house price. Get a valuation done OR Go onto realestate.com.au and look at the prices for New Homes selecting the area you live in. Select a house comparable to your and add 25% to the cost for ancillary costs.

Why waste your money getting a valuation done when you move out as if you rent for 2 years and then buy another home you would have to get another valuation done on your origional PPOR once that becomes your new PPOR. Assuming you keep your first home as your PPOR untill you buy another (cannot...

I agree with the other posters the exchange rate you use is that current on the date you move here for valuation purposes. One thing you can choose to keep your UK house as your PPOR for up to 6 years without any CGT liability in OZ (although you would become liable for CGT on your Oz home if...

The 2009 valuation is the one that is required (forget 2007 it's irreverent) as you kept the property as your PPOR until 2009. As the gain is only $17,000 I would expect your selling costs were greater than this and so you might not have any tax liability but a CGT loss to carry forward.

My understanding is that the date of exchange is when the tax office considers you the owner of the property NOT the completion date. But this should not affect anything just something for you to be aware of. When you sell the property try and exchange after 1 July that way you don't pay CGT...

If you don't have a sensor so how do you know you have a problem. I take it you cannot run indefinitely with a run flat that has a puncture. I would assume you must feel their is a problem as the tire quietly disintegrates as you continue to drive.

Once you sell your PPOR you can then move into your IP without paying CGT. BUT you will be hit with CGT once you sell it depending on the proportion of the time it was PPOR or IP.

Yes it will You can own as many properties as you like but only 1 can be your PPOR at any one time.

IP for 1 year PPOR 2 years Rented 6 years (but claimed as PPOR) Total 9 years but only IP for 1 year so CGT = 1/9th (you also get 50% CGT allowance) This is my understanding.

+1 Couldn't have put it better myself.

Your proposal is correct and would allow you to avoid CGT. You are only allowed to have 1 PPOR at any one time but you can own and live in another property but you cannot claim this as your PPOR. You only have to decide which property you own is your PPOR when you sell one of them and you...

I also don't believe you can claim deduction against depreciation on your Oz property on your UK tax return as this concept is not allowed in UK. You can continue to claim the depreciation on your Oz tax return and you would build up losses each year which you could use against your income in...

I've been told on another forum that if you rent a room for say $100 per week this is considered income and needs to be declared and property will be subject to CGT pro rata. However if you take in boarders and split the cost of all the expenses between the boarders equally this is not...

I've already got an account with them and I intend to keep the money in NZ untill the exchange rate improves (hopefully). Don't have an accountant thats why I'm asking. Thanks.

Hi I've just sold a property in Auckland and I need some advise regarding exchange rates for converting the gain into Oz dollars for CGT purposes. I'm interested in knowing which date I use for the exchange rate. Property went unconditional on 24 Oct for completion on 12 Dec. Do I...

No they do it basically the same as Oz. You depreciate the house at 4% (just the building) and you depreciate the various fixtures and fitting at different rates which you get a valuer to provide you with a list with the value, dep rate and expected life. The land you cannot depreciate. I'm...

Hi I understand depreciation on property in Oz and how the taxman treats it. BUT what about an overseas property (NZ to be precise). They currently have the same system as here but in the very near future they are stopping you depreciating the house itself, but you can still depreciate...

Admin fund looks way too high and sinking fund way to low. Are you sure they are the correct way around. Makes more sense if AF = $5K and SF = $24K ADMIN FUND Is for day to day expenses and should cover insurance, BC manager fees, and other annual costs. Having $24K in the admin fund is...

I didn't realize that real estate agents bought the houses advertised on this re.com, I thought it was Joe public who bought the houses silly me. The web is just like newspapers, radio and tv it's a medium to get information across to the public about what is available for sale and it...