I can't quite get my head around options, PPOR rules, taxation etc.
We currently have no PPOR and am living in IP.
To reduce expenses I've set up two IP loans as offset accounts and using PPOR proceeds to offset two properties, one of which we are residing in.
I'm not sure exactly how long we'll be living here do for now I'm assuming around a year, give or take.
The WA IP land tax value is assessed at $750,000.
It is assessed as at 30th June each year so I'm quite sure we will still be here then.
Should I advise department this is currently my PPOR?
It's 100% in hubby's name.
We currently have no PPOR and am living in IP.
To reduce expenses I've set up two IP loans as offset accounts and using PPOR proceeds to offset two properties, one of which we are residing in.
I'm not sure exactly how long we'll be living here do for now I'm assuming around a year, give or take.
The WA IP land tax value is assessed at $750,000.
It is assessed as at 30th June each year so I'm quite sure we will still be here then.
Should I advise department this is currently my PPOR?
It's 100% in hubby's name.