Hi. First time posting. Have searched around all over the internet endlessly for answers to these questions with no luck. Also had a bit of a search here on this forum and I can't find anything specific. Please redirect me if these questions have been asked before. Thanks.
1. My partner and I have just made our first purchase in QLD. It's a 3 bed townhouse in Morningside and we paid $420,000 for it. It's tenanted until early July (so just under 5 months), at which point we plan to move into the place. We've claimed the QLD stamp duty concession as first home buyers as I have been told that we can make this claim provided we move in within 12 months (I have been told that the property technically isn't an investment property because of the fact that the tenants were there when we made the purchase). I have heard conflicting reports with regards to this concession though. My first questions is- will the tax man expect us to pay back any portion (or all of) the concession if we're not moving into it immediately?
2. Are we able to claim any property depreciation if technically it's not an investment property (if what I've been told above is in fact correct)? Are we able to claim any property depreciation if it's only tenanted for 4 months? Is it worth it?
3. Is it worth claiming any negative gearing if technically it's not an investment property? Are we able to claim any negative gearing if it's only tenanted for 4 months? Is it worth it?
Any help would be appreciated. Thanks.
1. My partner and I have just made our first purchase in QLD. It's a 3 bed townhouse in Morningside and we paid $420,000 for it. It's tenanted until early July (so just under 5 months), at which point we plan to move into the place. We've claimed the QLD stamp duty concession as first home buyers as I have been told that we can make this claim provided we move in within 12 months (I have been told that the property technically isn't an investment property because of the fact that the tenants were there when we made the purchase). I have heard conflicting reports with regards to this concession though. My first questions is- will the tax man expect us to pay back any portion (or all of) the concession if we're not moving into it immediately?
2. Are we able to claim any property depreciation if technically it's not an investment property (if what I've been told above is in fact correct)? Are we able to claim any property depreciation if it's only tenanted for 4 months? Is it worth it?
3. Is it worth claiming any negative gearing if technically it's not an investment property? Are we able to claim any negative gearing if it's only tenanted for 4 months? Is it worth it?
Any help would be appreciated. Thanks.
