G'day all,
I will soon be heading overseas for 18 months with my family. During that time, we will be renting out our house. Since we've never done this before (this is our first house and we bought it only 16 months ago), I have a couple of questions, as follows:
Would really appreciate any input you guys can provide on this. I will no doubt have way more questions than the two above once we get closer to heading off.
Cheers!
I will soon be heading overseas for 18 months with my family. During that time, we will be renting out our house. Since we've never done this before (this is our first house and we bought it only 16 months ago), I have a couple of questions, as follows:
- The mortgage is in both mine and my wife's name. However at the moment, and in the next 2 years, she will be off work and therefore will not be getting any income. Accordingly, to maximise negative gearing, am I able to claim all rental income and expenses under my name only even though the mortgage is in both our names? I don't really want to change the mortgage details if I don't need to.
- one of the fences in my property currently needs replacement. Is it more tax effective to fix it once it's a rental? Or does this not matter as fences would be considered 'capital works'? If I was to fix it now, could I claim any of the cost of the replacement fence in future tax returns??
Would really appreciate any input you guys can provide on this. I will no doubt have way more questions than the two above once we get closer to heading off.
Cheers!