All Topics / Help Needed! / First Timer Advice Please

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  • Profile photo of noobynooby
    Member
    @nooby
    Join Date: 2009
    Post Count: 1

    Hey all,
    I'm new to the forum and new to the property world. I am currently looking to purchase my first property in the coming months and would like some advice on my plan and and a a question relating to capital gains tax.

    I am currently a serving member of the ADF based in Darwin. I earn approximately $60,000 a year and currently have a deposit of approximately $100,000. I plan to buy in Darwin as I am stationed there for another year atleast and plan to take advantage of the FHOG aswell as a similiar a grant provided buy the army of approximately $12,000 for first homeowners totalling $26,000 in grants all up.
    I plan to live in this property for  approximately 8 months when I then expect to be deployed for 8 months overseas on operations. Upon returning home I plan to leave the army and travel for 6 months. During both these periods I plan to rent out the property. After returning to Australia from travelling I plan to move to Sydney as this is where i am originally from and wish to live. I plan on purchasing a property in Sydney by selling the Darwin property.

    Q1: After initially moving into my property in the first 8 months am I allowed to move a friend in with me and charge rent or does this go against the conditions of the FHOG?

    Q2: After selling my property in Darwin which i would have been renting out for approximately 14months am I susceptible to CGT? (Baring in mind I would have no other PPOR as I would of been overseas for 14 months.) 

    Any other input or advice is welcome.
    Thankyou

    Profile photo of CentralChoiceCentralChoice
    Participant
    @centralchoice
    Join Date: 2008
    Post Count: 64

    Hi nooby,

    How about that? My brother is also stationed in Darwin with the defence force! His wife is a lawyer there too so she might be able to give you a proper legal answer if you like.

    I am of the understanding though that if you are just sharing a room within your house then it will have no effect on either of your questions.

    Cheers,

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