New IP (Tax Questions)

HI All

I'm new to the game and rented out our PPOR as an IP to move interstate. As tax time is looming I am a little confused on 3 things.

1. Would i pay CGT on this house if selling to by another PPOR?
2. Is a depreciation review good to do? House is 3.5 years old. Rented since March 10. We lived in it prior since new. Has a few chattles (blinds dishwasher, etc). Best to get someone round or do do a desktop study?
3. Mortgage at the moment is around 75% offset (lucky for us) but we have around 200k we can withdraw from the offset. There is some interest paid on it today as a resuly - can we claim interest paid as a deduction? If we withdraw the offset can we claim the higher interest as a result?
4. Any other good tax hints/tips? House is in my name unfortunately and wife doesnt work so cant get that benefit! Just would like to maximize the investment - expecially in the future with respect to negative gearing on a new PPOR?

Thanks guys!
 
Well, you have come to the right place to ask questions.

If you want to claim depreciation, then you can get a depreciation schedule done from a Quanty Surveyor. This is tax deductable and there are a few reputable firms around you can use. If the home is near new, then there will be quite a bit of depreciation to claim.

You have up to 6 years where you can make your PPOR an investment and not be liable for CGT, should you decide to sell, with the proviso that you don't claim another home as a PPOR during that time.

If you have money sitting in an offset account you can draw that out and use for whatever you wish. The loan will still be tax deductable as you have not fiddled with it, so to speak.
 
Well, you have come to the right place to ask questions.

If you want to claim depreciation, then you can get a depreciation schedule done from a Quanty Surveyor. This is tax deductable and there are a few reputable firms around you can use. If the home is near new, then there will be quite a bit of depreciation to claim.

You have up to 6 years where you can make your PPOR an investment and not be liable for CGT, should you decide to sell, with the proviso that you don't claim another home as a PPOR during that time.

If you have money sitting in an offset account you can draw that out and use for whatever you wish. The loan will still be tax deductable as you have not fiddled with it, so to speak.

Thanks for that - good to get that clearer in my head. Will look at a QS next week I think...
 
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