G'day all
WE have sold our PPOR and are moving into our IP to help balance our books for a while and to reno the bathrooms as I enjoy that sort of thing.
We have been told that if we should use the cash from the sale of our PPOR to OFFSET the IP loan 100% during this time, then if we decide to buy a PPOR later we can remove that offset amount to pay for our new house and the IP would be rentable again. i.e. return to original purpose and the ATO would have no objections.
Is this so and is it as simple as it appears?
Would relevant valuations (before and after) be needed?
Can all improvement costs be claimed?
Any other details I should know about?
Kel
WE have sold our PPOR and are moving into our IP to help balance our books for a while and to reno the bathrooms as I enjoy that sort of thing.
We have been told that if we should use the cash from the sale of our PPOR to OFFSET the IP loan 100% during this time, then if we decide to buy a PPOR later we can remove that offset amount to pay for our new house and the IP would be rentable again. i.e. return to original purpose and the ATO would have no objections.
Is this so and is it as simple as it appears?
Would relevant valuations (before and after) be needed?
Can all improvement costs be claimed?
Any other details I should know about?
Kel
