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  • Profile photo of luke__mooreluke__moore
    Member
    @luke__moore
    Join Date: 2005
    Post Count: 11
    October 23, 2005 - 9:48 pm

    Hi Guys,

    I’m after some accounting info.

    I wish to purchase first property under the FHOG scheme. As the ruling goes you can rent out your property for say 360 days then move in for 6 months to satisfy eligibility criteria.

    I want to know if I can still claim the usual deductions as you can for an IP?

    Are there another tax concerns I need to be aware of?

    Thanks

    Luke

    Profile photo of Mortgage HunterMortgage Hunter
    Participant
    @mortgage-hunter
    Join Date: 2003
    Post Count: 3,781
    October 23, 2005 - 10:01 pm

    You can claim deductions for the time it is available to rent.

    You may be better to move into the property first so that it is established as your PPOR. You then have a 6 year period that you can rent it and be exempt CGT.

    Cheers,

    Simon Macks
    Residential and Commercial Finance Broker
    ***NODOC @ 7.15% to 70% LVR***
    [email protected]
    0425 228 985

    Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.

    Profile photo of luke__mooreluke__moore
    Member
    @luke__moore
    Join Date: 2005
    Post Count: 11
    October 23, 2005 - 10:11 pm

    Hi Simon,

    What would that timeframe be 6 or 12 months?

    Thanks for the reply

    Luke

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