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Hi Wylie, That's correct. The official word from the ATO is that I can't have it both ways. It has to be either an IP or PPOR. I still haven't conclusive advice from them into whether or not renting it out first changes what I can claim for capital works. Hopefully, I will find out in the...

Thanks Vaughn, That makes sense and is league with what my accountant says and what I've learned from the past.

Thanks Cameron, I have since seen an accountant regarding this. As it turned out, our circumstances changed and we were not required to seek advice from the ATO regarding this.

Great advice Westminster, thank you so much.

Hi, Shouldn't my brother rent out first before renovation or can we claim a tax benefit of a renovation just before making it a IP? My understanding (small that it is) is that any changes to a property needs to occur after the property has been rented. Again, if it is illegal to rent out...

Hi Guys, Thanks for your reply. I guess the real question I am asking is can my wife and I live in a property that we are renting out to a relative as an investment property? And vice versa - that is; can my brother rent out a property to us as an investment property and he still live...

I have been searching the net all night for a possible answer to this: My wife and I are looking to buy our first property in the next three months and intend using the first home buyers grant. My brother will live with us in the new property. Are we able to rent out the property to him...