This may seem a basic question but I need to sort this out. Am seeing my accountant but am looking for a heads up.
We had a PPOR, and have developed a duplex on another block. We like the new place so much we are moving in, renting out the second unit and our original PPOR. The new pair will be strata titled.
The query relates to juggling the loans around to maintain tax deductability. The original PPOR was debt free. The new one has land and development loans against it. There was a house on the duplex block originally which we rented out, then bulldozed to build this pair.
LVR and servicability aren't issues. Just how to structure it for the Tax department. Do we have to sell to a trust or to each other or to the dog????????? Any ideas please.
We had a PPOR, and have developed a duplex on another block. We like the new place so much we are moving in, renting out the second unit and our original PPOR. The new pair will be strata titled.
The query relates to juggling the loans around to maintain tax deductability. The original PPOR was debt free. The new one has land and development loans against it. There was a house on the duplex block originally which we rented out, then bulldozed to build this pair.
LVR and servicability aren't issues. Just how to structure it for the Tax department. Do we have to sell to a trust or to each other or to the dog????????? Any ideas please.