Accountants Purpose?

[nathanael_87]

Hi, I recently (13 months ago) built a house in QLD and got the 21k FHOG for a new building. As i work in WA now quite a bit, we are about to pack up our place and rent it out as a IP.
What i would like to know is, i have been told i should see an accountant regarding this, but i am not too sure as to what i am wanting to find out etc. It will obviously no longer be my PPOR, and i will no longer actually have a PPOR as i stay on site for 2weeks and will just rent out a hotel for our week off in Perth.
What sort of things am i needing to find out for an accountant?

Any help with this would be great!

 

[Propertunity]

You may need to see an accountant to minimise your tax obligations both now and in the future. e.g.
1. Make your loan on the soon to be IP (now your PPOR) IO and do not repay principal. It is only the interest that is tax deductible.
2. Get a valuation done on the property so that CGT is calculated correctly if you ever sell down the track sometime. The CG you made in the last 13 months is CGT free.
3. Get a QS report done so that you can claim depreciation on your tax return.
4. Understand the 6 year rule - so that if you move back into your PPOR within 6 years for a period and then move again and rent out, then you may reduce future CGT liabilities to zero.
If you are not up on all of the above, a property savvy accountant will be able to guide you through what is required.