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From: Andrew Scott
Back in the depths of the archive, there was a discussion about renting a property to yourself rather than owning it as a home.
The benefits of doing this are that you can claim depreciation (even on furniture if it's a furnished property you're renting) and tax deductions on outgoings, in return for forgoing the captial gains tax exemption and any First Home Owners Grant.
I am looking at purchasing a property to rent, and am considering myself to be a tenant. However, the advice I'm receiving from my tax advisor and property manager are that at the very least the tenant and owner need to have different names, and maybe even then its not sufficiently arms-length.
In the archived discussion, it didn't really go into ownership structures for this sort of thing. Is "special" ownership necessary for renting to yourself?
Andrew Scott
Back in the depths of the archive, there was a discussion about renting a property to yourself rather than owning it as a home.
The benefits of doing this are that you can claim depreciation (even on furniture if it's a furnished property you're renting) and tax deductions on outgoings, in return for forgoing the captial gains tax exemption and any First Home Owners Grant.
I am looking at purchasing a property to rent, and am considering myself to be a tenant. However, the advice I'm receiving from my tax advisor and property manager are that at the very least the tenant and owner need to have different names, and maybe even then its not sufficiently arms-length.
In the archived discussion, it didn't really go into ownership structures for this sort of thing. Is "special" ownership necessary for renting to yourself?
Andrew Scott
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