Dear Accountants,
I am looking to buy my first IP/residential property and need some advice in regards to taxation. I would really be appreciative if you guys can put your two cents in this scenario of mine.
I am looking to buy a 2 bedroom apartment. One room to live in, one room to rent out. Would it be possible for me to split the property 50-50 and claim 50% of my expenses/interests of the property as I am renting out half the apartment (1 room). Do you guys know anyone who has done this ? Is this feasible in the eyes of the ATO ?
Main question is whether I can treat 50% of the property as a residential property and 50% as an investment property. I hopethis makes sense to you guys..
Please kindly lend a helping hand... Thanks heaps guyss..
I am looking to buy my first IP/residential property and need some advice in regards to taxation. I would really be appreciative if you guys can put your two cents in this scenario of mine.
I am looking to buy a 2 bedroom apartment. One room to live in, one room to rent out. Would it be possible for me to split the property 50-50 and claim 50% of my expenses/interests of the property as I am renting out half the apartment (1 room). Do you guys know anyone who has done this ? Is this feasible in the eyes of the ATO ?
Main question is whether I can treat 50% of the property as a residential property and 50% as an investment property. I hopethis makes sense to you guys..
Please kindly lend a helping hand... Thanks heaps guyss..
