A question with a hypothetical case:
I'm building a new house with the "intention" of making it an IP and not the PPOR. The building process takes 2 years and in those 2 yrs I claim my interest on loan in tax.
When the property is complete, my circumstances change and instead of keeping the property on rent, I start living in it.
Do I need to give the tax benefit back to ato from the 2 years of construction phase? Is there any rule with which I can prove my true intention and don't have pay back the money to ato? Is ther any time-limit for keeping this property on rent before making it PPOR?
Regards
Sanjay
I'm building a new house with the "intention" of making it an IP and not the PPOR. The building process takes 2 years and in those 2 yrs I claim my interest on loan in tax.
When the property is complete, my circumstances change and instead of keeping the property on rent, I start living in it.
Do I need to give the tax benefit back to ato from the 2 years of construction phase? Is there any rule with which I can prove my true intention and don't have pay back the money to ato? Is ther any time-limit for keeping this property on rent before making it PPOR?
Regards
Sanjay