Hi there,
I have currently bought my first property, it's primary purpose is for investment although I have decided to utilise the FHOG to save me on expenses.
The property will settle in about a month from now and I'm planning to move in for 6 months with a couple of friends to fulfil the FHOG period.
After this initial period I will be swapping the house over to investment and renting it out.
I'm looking to buy all new furniture and furnish the house myself - I will also be leaving everything when the house is leased.
My question is,
If I'm to buy for e.g. 20k worth of furniture now, and utilise it in my PPOR for 6 months, am I only eligible to claim depreciation on everything for the rest of the financial year post this 6 month PPOR period? (which will carry through from July to Jan)
Also how does this work for making a 20k loss at the end of the year?
am I able to offset the full amount against my taxable income for the year
Even though I bought it during my PPOR period as it's primary purpose is for the tenant?
I am looking to get a depreciation schedule done as soon as I've furnished the place with new items to allow for maximum gain. Obviously this is going to be 6 months prior to the house deriving any sort of income. Is this a good idea?
Any advice would be greatly appreciated
Thanks,
Fraser
I have currently bought my first property, it's primary purpose is for investment although I have decided to utilise the FHOG to save me on expenses.
The property will settle in about a month from now and I'm planning to move in for 6 months with a couple of friends to fulfil the FHOG period.
After this initial period I will be swapping the house over to investment and renting it out.
I'm looking to buy all new furniture and furnish the house myself - I will also be leaving everything when the house is leased.
My question is,
If I'm to buy for e.g. 20k worth of furniture now, and utilise it in my PPOR for 6 months, am I only eligible to claim depreciation on everything for the rest of the financial year post this 6 month PPOR period? (which will carry through from July to Jan)
Also how does this work for making a 20k loss at the end of the year?
am I able to offset the full amount against my taxable income for the year
Even though I bought it during my PPOR period as it's primary purpose is for the tenant?
I am looking to get a depreciation schedule done as soon as I've furnished the place with new items to allow for maximum gain. Obviously this is going to be 6 months prior to the house deriving any sort of income. Is this a good idea?
Any advice would be greatly appreciated
Thanks,
Fraser