Hi everyone,
I was searching the forum but couldn't find a similar thread related to what I am planning to do.
I bought my PPOR about 3 1/2 years ago with P+I Loan and an Offset A/C attached to it.
I was recently offered a Job in South Africa for about ?2 years?, therefore moving Overseas and planning to rent my PPOR during only this time frame, so moving back to PPOR when this Job assignment finishes.
What I have done so far:
A) Put entire households in storage to rent PPOR empty.
B) Engaged a Property Manager to find a tenant and look after my PPOR.
C) Property Manager found suitable tenants to move in to PPOR next week.
My Questions are:
1) What else do I need to do to comply with law/tax regulations when the time for filling a Tax return comes?
2) Can I claim the ?interest ? from date PPOR became IP?, not planning to change to IO loan since this will still be my PPOR when coming back in 2 years, so prefer to keep it as P+I with offset A/C, unless really required/suggested.
3) Do I need to pay Land Tax on PPOR during these 2 years?, I got other IPs that already pay Land Tax but PPOR was previously exempted, not sure with new situation.
4) Do I need to engage a Quantity Surveying company to do a full Depreciation Schedule, not sure if worth doing/have to do it to claim deductions for only 2 years?
5) Do I need to get a Valuation done?, if so, can any Real Estate agent do this Valuation to be valid for CGT if I ever sale in the future?, Or what sort of entity can help with this Valuation to be valid to ATO.
6) What else can I claim or need to declare?
7) What else do I have to do in Australia before travelling that I cannot do while Overseas?
8) Any other advise to keep this as simple as possible?, as mentioned, PPOR is only going to be IP for 2 years and back to PPOR after that. So only trying to do the ?must do? things not to get in trouble and benefit from it as well.
Thanks!!!
I was searching the forum but couldn't find a similar thread related to what I am planning to do.
I bought my PPOR about 3 1/2 years ago with P+I Loan and an Offset A/C attached to it.
I was recently offered a Job in South Africa for about ?2 years?, therefore moving Overseas and planning to rent my PPOR during only this time frame, so moving back to PPOR when this Job assignment finishes.
What I have done so far:
A) Put entire households in storage to rent PPOR empty.
B) Engaged a Property Manager to find a tenant and look after my PPOR.
C) Property Manager found suitable tenants to move in to PPOR next week.
My Questions are:
1) What else do I need to do to comply with law/tax regulations when the time for filling a Tax return comes?
2) Can I claim the ?interest ? from date PPOR became IP?, not planning to change to IO loan since this will still be my PPOR when coming back in 2 years, so prefer to keep it as P+I with offset A/C, unless really required/suggested.
3) Do I need to pay Land Tax on PPOR during these 2 years?, I got other IPs that already pay Land Tax but PPOR was previously exempted, not sure with new situation.
4) Do I need to engage a Quantity Surveying company to do a full Depreciation Schedule, not sure if worth doing/have to do it to claim deductions for only 2 years?
5) Do I need to get a Valuation done?, if so, can any Real Estate agent do this Valuation to be valid for CGT if I ever sale in the future?, Or what sort of entity can help with this Valuation to be valid to ATO.
6) What else can I claim or need to declare?
7) What else do I have to do in Australia before travelling that I cannot do while Overseas?
8) Any other advise to keep this as simple as possible?, as mentioned, PPOR is only going to be IP for 2 years and back to PPOR after that. So only trying to do the ?must do? things not to get in trouble and benefit from it as well.
Thanks!!!