Hi - I'm converting my PPoR to an IP. I am worried I might forget something.
What I have so far to do is:
To ensure I don't lose the primary residence capital gains tax concession, I need to move to my new home before my old PPoR becomes an IP (and to do it as quick as practical)
To reset the cost-base, I need to go get a valuation done (or more than one) and take that as the cost base?
I need to get a depreciation schedule drawn-up (perhaps go with the Depreciator)
I need to interview some property managers and pick one (sounds like 8% is the normal fee for inner Sydney).
Can you see any glaring omission?
What I have so far to do is:
To ensure I don't lose the primary residence capital gains tax concession, I need to move to my new home before my old PPoR becomes an IP (and to do it as quick as practical)
To reset the cost-base, I need to go get a valuation done (or more than one) and take that as the cost base?
I need to get a depreciation schedule drawn-up (perhaps go with the Depreciator)
I need to interview some property managers and pick one (sounds like 8% is the normal fee for inner Sydney).
Can you see any glaring omission?