Question about stamp duty and depreciation

Dear all,

I am currently renting and own two IPs. Due to some change in circumstances, I have to move into one of the IPs I bought in March 2015.

Just a few questions for you all:-
1) I paid the full stamp duty when I purchased this IP in March 2015. I plan to move in latest September 2015 or earliest in July. This place will become my PPOR for the next couples of years. Would I be able to get some of the stamp duty back?

2) I haven't got a depreciation report for this particular IP. And I plan to do some renovation of the kitchen and bathroom after I move in, but the renovation won't happen after the financial year ends. Should I get a depreciation report before and after renovation so the time between March and June 2015 are captured?

3) I am planning to rent out one room, am I entitled to a portion of tax benefits including the cost I will pay towards the renovation in the next financial year?

Thanks for your time :)

Kingsley
 
There would be some depreciation to claim between March and the end of June, but the amount will depend on the age of the property and what is in it.

When you move in and rent out a room, your accountant may suggest you claim a portion of outgoings including depreciation. You'll need to be guided by him/her. And you will have the costs for any improvements you make.

Scott
 
1) I paid the full stamp duty when I purchased this IP in March 2015. I plan to move in latest September 2015 or earliest in July. This place will become my PPOR for the next couples of years. Would I be able to get some of the stamp duty back?

Stamp duty cannot be deducted.

Nor can it be depreciated under the capital works write-off because it does not relate to original construction cost.

It will form part if the cost base for CGT.
 
Dear all,

I am currently renting and own two IPs. Due to some change in circumstances, I have to move into one of the IPs I bought in March 2015.

Just a few questions for you all:-
1) I paid the full stamp duty when I purchased this IP in March 2015. I plan to move in latest September 2015 or earliest in July. This place will become my PPOR for the next couples of years. Would I be able to get some of the stamp duty back?

2) I haven't got a depreciation report for this particular IP. And I plan to do some renovation of the kitchen and bathroom after I move in, but the renovation won't happen after the financial year ends. Should I get a depreciation report before and after renovation so the time between March and June 2015 are captured?

3) I am planning to rent out one room, am I entitled to a portion of tax benefits including the cost I will pay towards the renovation in the next financial year?

Thanks for your time :)

Kingsley

In respect of item 1 I believe you are asking if the transfer duty already paid could be refunded if you are eligible for a concession as a first home buyer? Possibly. Call your state Office of State Revenue. I know NSW has a process once you satisfy eligibility.

Just as fraudulent claims are recouped the OSRs allow you to pay duty then claim the concession later in many cases if and when you are eligible.
 
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