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!
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!