PPOR to IP

[stumpie]

hi all

In a few months time I'm moving into a new PPOR and currently preparing records to convert my existing PPOR to an IP. So things to do if you like when i switch PPOR.

1. Get a valuation of market value to form the new cost base
2. Get a QS report done on the building and plant

Is there anything else I need to get done?

 

[Terry_w]

get a valuation done on the one you are moving out of.
register for land tax
change all addresses
get a QS report
find all old receipts relating to the old PPOR and keep them safe.
insurances
fix all potential problems to reduce risk of tenant injury.

 

[The Y-man]

Change loan to IO or IO + offset if not already.

The Y-man

 

[stumpie]

Thanks Terry & Y Man

A question of the main residence exemption rules.

What if i move into my new ppor live in it for < 6 years then decide i'd like to move back into my previous ppor will CGT still be levied on the previous ppor?

 

[Terry_w]

Thanks Terry & Y Man

A question of the main residence exemption rules.

What if i move into my new ppor live in it for < 6 years then decide i'd like to move back into my previous ppor will CGT still be levied on the previous ppor?

one or the other will be subject to CGT.

 

[Paul@PFI]

Thanks Terry & Y Man

A question of the main residence exemption rules.

What if i move into my new ppor live in it for < 6 years then decide i'd like to move back into my previous ppor will CGT still be levied on the previous ppor?

Not until one of them is sold. When that happens you may have the choice about which is taxed and which has the MR exemption.

 

[depreciator]

Apart from the paperwork. I would do stuff like make sure all the tap washers are fine, clean out drains, make sure all powerpoints work etc. Do all the stuff that could result in a tenant getting a property manager to send in someone to fix.