Hello everyone,
Can anyone give me their opinion on this? Maybe Dale or Richard?
1. Regarding the law that allows you to move out of your PPOR for up to 6 years, and in that time rent it out as an IP, but then still be able to sell it CGT free (for up to 6 years).......I always thought that you could move out of your PPOR for any reason that you wanted ie, you didn't have to give a reason to the tax office. But someone just told me that to legitimately use this law, you have to move out of your PPOR for a good reason. eg, you get sent overseas for work. Therefore, say I just move out of my PPOR just to move down the road and rent at a cheaper rate than I can rent out my property for, I can't qualify under this law. I hope this makes sense. My question is, is this correct?
2. Let's say my employer has set me up with a home office. If I was to rent, would I be entitled to claim part of my rent as a tax deduction? (I'm quite sure I have a "home office" and cannot use my home to qualify for a "place of business"). I'm asking because one accountant suggested I could claim part of the rent, but then another told me that only people using their home as a "place of business" could do so, not people with a "home office".
Thanks in advance,
John
2.
Can anyone give me their opinion on this? Maybe Dale or Richard?
1. Regarding the law that allows you to move out of your PPOR for up to 6 years, and in that time rent it out as an IP, but then still be able to sell it CGT free (for up to 6 years).......I always thought that you could move out of your PPOR for any reason that you wanted ie, you didn't have to give a reason to the tax office. But someone just told me that to legitimately use this law, you have to move out of your PPOR for a good reason. eg, you get sent overseas for work. Therefore, say I just move out of my PPOR just to move down the road and rent at a cheaper rate than I can rent out my property for, I can't qualify under this law. I hope this makes sense. My question is, is this correct?
2. Let's say my employer has set me up with a home office. If I was to rent, would I be entitled to claim part of my rent as a tax deduction? (I'm quite sure I have a "home office" and cannot use my home to qualify for a "place of business"). I'm asking because one accountant suggested I could claim part of the rent, but then another told me that only people using their home as a "place of business" could do so, not people with a "home office".
Thanks in advance,
John
2.