Hi
I have a property in NSW which I purchased in 2012 and started to rent out, with the intention to move in at some future date.
I have just realised that if I have this property as a rental property at 31-Dec-12, I will face a big land tax bill (equivalent to 7 weeks of rent ).
So I am thinking of terminating the lease early and move into the property.
Questions:
1) Is my assessment of my land tax liability correct?
2) Am I able to end the lease early? It is a fixed term lease until May-2013. I am planning to do some medium renovation works before I move in.
3) Given my circumstances are quite flexible, do you think this would be the best outcome?
I have a property in NSW which I purchased in 2012 and started to rent out, with the intention to move in at some future date.
I have just realised that if I have this property as a rental property at 31-Dec-12, I will face a big land tax bill (equivalent to 7 weeks of rent ).
So I am thinking of terminating the lease early and move into the property.
Questions:
1) Is my assessment of my land tax liability correct?
2) Am I able to end the lease early? It is a fixed term lease until May-2013. I am planning to do some medium renovation works before I move in.
3) Given my circumstances are quite flexible, do you think this would be the best outcome?
Last edited: